Copper futures settle higher on stronger factory data from China
Copper futures settled higher on Wednesday due to stronger-than-expected factory data from the world’s largest copper consumer China, which has improved the demand outlook. Copper futures gained further by weakness in the American currency as investors reacted to a New York Times report that Iranian operatives had offered to discuss terms for ending the war with the CIA. Meanwhile, market participants awaited policy guidance from China’s ongoing ‘Two Sessions’ gathering. However, rising inventories of the red metal capped the upside.
Copper futures for March delivery rose $0.0815 to settle at $5.9075 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.79% at $13,057.50 a ton.
