Copper Holds Firm After US Tariff Move

Copper futures remained above $6.5 per pound on Tuesday, hovering near over two-week highs after President Donald Trump signed a proclamation adjusting certain metals tariffs to better address national security concerns. The move has widened the US copper premium, potentially encouraging fresh inflows of the metal into US ports just as global supply constraints intensify. Chile, the world’s largest copper producer, reported its weakest April output in 23 years, underscoring mounting concerns over tight global supply. On the demand side, optimism around the expansion of artificial intelligence technologies and rapid data center buildouts supported the metal’s outlook. Rising copper usage in global power grids, driven by the ongoing shift toward cleaner energy systems, further reinforced the bullish demand narrative.

Copper futures climbed above $6.4 per pound on Monday, reaching their highest levels in more than two weeks as tightening global supplies and robust demand expectations continued to support the market. Chile, the world’s largest copper producer, reported its weakest April output in 23 years, reinforcing concerns about constrained global supply. Meanwhile, the newly appointed chairman of state-owned miner Codelco indicated that the company will place greater emphasis on profitability rather than maximizing production volumes. On the demand side, growing optimism surrounding the expansion of artificial intelligence technologies and the rapid construction of data center infrastructure bolstered the metal’s outlook. Rising copper consumption across global power grids, driven by the ongoing transition toward cleaner energy sources, also strengthened the bullish demand narrative.

Copper futures held steady near $6.4 per pound on Friday and were on track to register a second straight monthly advance, underpinned by renewed optimism over demand linked to the global artificial intelligence expansion and the rapid build-out of data center infrastructure. Increasing copper consumption in global power networks amid the broader shift toward cleaner energy also continued to support the demand outlook. On the supply side, production constraints in top producer Chile prompted major refiners to scale back capacity and output. At the same time, rising copper imports into the United States ahead of potential tariff measures have added to concerns over tightening global availability. On the geopolitical front, reports that the United States and Iran reached a preliminary peace agreement helped ease concerns about supply disruptions, further shaping market sentiment.