Copper is down by 5%

Copper decreased 5% to 6.4636 USD/Lbs

Copper futures traded around $6.76 per pound on Thursday, staying close to record highs as ongoing supply concerns and tariff uncertainty continued to support prices. Markets were awaiting the Trump administration’s decision on imposing new tariffs on refined metal imports, while the persistent premium for copper futures on New York’s Comex continued to create arbitrage opportunities. Traders have continued redirecting shipments toward US warehouses, contributing to sharply declining inventories at warehouses tracked by the London Metal Exchange and the Shanghai Futures Exchange. Major copper-producing countries in South America have also faced operational disruptions this year, weighing on production and exports. Meanwhile, supply has struggled to keep pace with rising demand from data centers, renewable energy projects and electricity grids.

Copper futures eased to around $6.66 per pound on Wednesday, retreating from record levels as traders took profits while reassessing market fundamentals. The metal had surged to fresh all-time highs earlier this week amid tariff uncertainty and tightening global supply. The persistent premium for copper futures on New York’s Comex continued to offer arbitrage opportunities, even as the White House has yet to decide on proposed tariffs for the metal. Meanwhile, major copper-producing nations in South America have encountered operational difficulties this year, weighing on production and exports. Supply has also struggled to keep up with growing demand from data centers, renewable energy projects and electricity grids. In China, demand is expected to strengthen as the market enters the traditional peak season for manufacturing activity.