Copper futures settle higher as US dollar weakens overseas
Copper futures settled higher on Wednesday as the US dollar weakened against its major peers overseas due to uncertainty surrounding new tariffs implemented by the Trump administration. Copper prices also got support by on renewed buying interest as Chinese markets resumed trade this week after the long Lunar New Year holiday. The long-term outlook remains bullish due to the energy transition and AI boom, but prices are currently facing short-term pressure from record-high global inventories.
Copper futures for March delivery rose $0.1145 to settle at $6.0450 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.18% at $13,322.50 a ton.
