Copper futures settle higher on demand recovery expectations

Copper futures settled higher on Thursday due to expectations of a recovery in demand following easing of Covid-19 restrictions in the world’s top metal consumer China, while easing US dollar also makes dollar-denominated metals more attractive for buyers holding other currencies. However, some gains were capped by an aggressive US Federal Reserve stance on inflation.

Copper futures for July delivery gained $0.1045 to settle at $4.2830 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 1.95 percent at $9,415.50 a ton.