In Iron-copper thermo couple, below the inversion temperature at cold junction, electric current flows from
Thermoelectric Series : Sb, Fe, Cd, Zn, Ag, Au,Cr, Sn, Pb, Hg, Mn, Cu, Pt, Co, Ni, Bi
Thermoelectric emf is directly proportional to the distance between the two metals.
Farther metals provide the maximum emf. If two metals in the series from a thermocouple, current flows at the cold junction from the metal that comes earlier in the series to the metal later in the series.
In the case of copper-iron thermocouple, the current flows from copper(Cu) to Iron(Fe) at the cold junction below the temperature of inversion.