FX.co ★ Copper Stabilizes on China Demand Hopes

Copper climbed to around $5.95 per pound on Tuesday, rebounding after coming under pressure in the previous session, as investors looked ahead to the National People’s Congress in China—the world’s largest consumer of the metal—for fresh demand cues. The annual “Two Sessions” meetings, running from March 4 to around March 11, are expected to set key economic growth targets, define policy priorities, and unveil the 15th Five-Year Plan, which will outline development goals for 2026–2030.

Upside for copper remains constrained by a stronger US dollar, which has firmed as investors moved into the reserve currency amid surging energy prices driven by the conflict in the Middle East. Markets have also delayed their expectations for the next Federal Reserve rate cut, now largely anticipating the first move in September instead of July, although two 25-basis-point reductions are still priced in for 2026. At the same time, the geopolitical backdrop remains tense, with the US military expected to step up attacks on Iran and President Donald Trump signaling no near-term end to operations.