Copper futures settle higher on dollar weakness
Copper futures settled higher on Friday, driven by a softer American currency as news of the temporary reopening of the Strait of Hormuz helped ease near-term inflation concerns. Iran’s Foreign Minister said that the strait of Hormuz is now fully open to all commercial vessels for the remaining period of the ceasefire. Meanwhile, buying interest from Chinese fabricators surged as they took advantage of brief price dips for restocking.
Copper futures for May delivery rose $0.038 to settle at $6.1145 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 0.58% at $13,347 a ton.
