Copper futures climbed above $4.94 per pound on Thursday, hitting a three-week high amid tightening global inventories. Since the Trump administration launched an investigation into copper imports in February, approximately 400 kilotons have been rushed into the US in anticipation of potential tariffs.
This surge has pushed US inventories to over 100 days’ worth of consumption, while contributing to shortages in other markets. London Metal Exchange copper stockpiles have plunged more than 63% year-to-date, falling to just 99,000 metric tons. Despite lingering economic and policy uncertainties, Chinese copper demand has remained resilient. On the geopolitical front, sentiment was further supported by easing tensions in the Middle East, as US officials prepare to meet with Iranian counterparts next week and the ceasefire between Iran and Israel appears to be holding.
