Copper futures settle higher on Monday
Copper futures settled higher on Monday, despite a strengthening US dollar, reduced expectations for aggressive Federal Reserve interest rate cuts and escalating geopolitical tensions in the Middle East following US strikes in Iran. Further, projections indicate a sizable long-term supply shortage by 2026, driven by mining disruptions and robust demand artificial intelligence and renewable energy sectors, which supported the red metal prices.
Copper futures for May delivery rose $ 0.0745 to settle at $5.8315 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.59% at $12,855.50 a ton.
