Copper futures settled higher on Monday due to tight Chinese supply and booming demand from data centers and renewable energy projects, while traders kept a close eye on the Commerce Department's proposal to levy a 15% tariff on US copper in January 2027, followed by a 30% hike in 2028. Moreover, a pullback in crude oil prices amid increased diplomatic efforts to end the Middle East conflict, supported the upside move for the red metal.
Copper futures for December delivery rose $0.071 to settle at $6.7625 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.96% at $14,661 a ton.
