Copper futures settle higher on Wednesday
Copper futures settled higher on Wednesday followed by tighter supply outlook and strong global demand from the energy transition and AI-driven data centers, even as Chinese buying stalled with the country nearing a major holiday. However, some gains were limited as Wednesday’s better-than-expected US Jan payroll report combined with hawkish comments from Kansas City Fed President Jeff Schmid have pushed the American currency higher and dampened investor expectations of additional Fed interest rate cuts.
Copper futures for March delivery rose $0.052 to settle at $5.9655 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.45% at $13,166.50 a ton.
