Copper futures traded steadily above $6.15 per pound on Wednesday, staying within a narrow range after BHP Group secured environmental approval to expand its Chilean copper operations. The decision supports the company’s strategy to capitalize on an increasingly tight global market. The world’s largest miner plans to nearly double its global copper production by the mid-2030s, underpinned by expectations of a prolonged supply deficit amid robust demand driven by electrification and other structural trends.
At the same time, copper prices faced pressure as oil prices rose following new US air strikes on Iran, carried out in response to recent attacks on commercial vessels in the Strait of Hormuz. Investors also looked ahead to the release of minutes from the Federal Reserve’s June meeting for additional insight into the policy outlook, after the central bank struck a more hawkish tone at its June policy gathering.