Copper Set for Weekly Rise

2026-05-08 04:18 By Jam Kaimo Samonte 1 min. read

Copper futures held above $6.1 per pound on Friday and were on track to post a weekly gain of more than 3%, supported by easing energy prices earlier in the week, which helped reduce pressure on global growth and industrial metals demand.

However, sentiment remained fragile as the US and Iran exchanged fire in the Strait of Hormuz.

The Trump administration is currently awaiting Iran’s response to a proposal aimed at reopening Hormuz and ending the nearly 10-week conflict, with reports suggesting Tehran is expected to reply via Pakistan within the next two days.

The ongoing conflict has also disrupted shipments of sulphuric acid, a key input in copper refining, adding to supply-side risks.

At the same time, continued large-scale agreements among major technology firms have accelerated data center construction, strengthening the longer-term demand outlook for copper given its critical role in electrification and power grid infrastructure.



News Stream
Copper Near Record Highs
Copper futures climbed above $6.2 per pound, approaching the record highs reached at the end of January, as investors increasingly expect that investments in AI infrastructure, power grid modernization, and clean energy will drive sustained long-term demand for the metal. Also, easing energy prices helped reduce concerns over global growth and industrial metals demand. At the same time, the ongoing Middle East conflict has disrupted shipments of sulphuric acid, a critical input in copper refining. China has banned sulphuric acid exports from May through at least December. The measure is expected to remove around 3M tonnes from the global seaborne market, significantly affecting major importers such as Chile, Indonesia, and India. Copper production in Chile had already declined by around 6% in the first three months of 2026 compared with the same period in 2025, even before accounting for the impact of sulphuric acid supply disruptions.
2026-05-08
Copper Set for Weekly Rise
Copper futures held above $6.1 per pound on Friday and were on track to post a weekly gain of more than 3%, supported by easing energy prices earlier in the week, which helped reduce pressure on global growth and industrial metals demand. However, sentiment remained fragile as the US and Iran exchanged fire in the Strait of Hormuz. The Trump administration is currently awaiting Iran’s response to a proposal aimed at reopening Hormuz and ending the nearly 10-week conflict, with reports suggesting Tehran is expected to reply via Pakistan within the next two days. The ongoing conflict has also disrupted shipments of sulphuric acid, a key input in copper refining, adding to supply-side risks. At the same time, continued large-scale agreements among major technology firms have accelerated data center construction, strengthening the longer-term demand outlook for copper given its critical role in electrification and power grid infrastructure.
2026-05-08
Copper is down by 5.61%
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