Copper futures trade marginally higher on Monday
Copper futures were trading marginally higher on Monday due to mounting supply anxieties following reports that the Strait of Hormuz is closed again after both the United States and Iran said the other party had violated their ceasefire deal by attacking ships over the weekend. Copper prices were also supported by renewed buying interest from Chinese consumers as fabricators took advantage of softer prices. However, a strengthening US dollar and potential demand weakness stemming from ongoing geopolitical tensions in West Asia are expected to cap further gains.
Copper futures for May delivery rose $0.0050 or 0.08% at $6.0815 a pound on the Comex metals division of New York Mercantile Exchange.
