Copper futures remained above $6.5 per pound on Tuesday, trading near their highest levels in more than two weeks after President Donald Trump signed a proclamation modifying tariffs on selected metal imports to address national security concerns.
The policy adjustment widened the premium for copper in the US market, potentially attracting additional shipments to American ports at a time when global copper supply remains under pressure.
Concerns over global copper supply intensified after Chile, the world’s largest copper producer, reported its weakest April production in 23 years. The disappointing output figures reinforced fears of tighter availability across international markets.
On the demand side, market sentiment remained positive as investment in artificial intelligence technologies and large-scale data center projects continued to support expectations for stronger copper consumption.
Demand growth is also being driven by the global energy transition. Expanding power grid infrastructure and electrification projects are increasing copper usage worldwide, helping maintain a constructive outlook for the metal despite ongoing supply challenges.
