FX.co ★ Copper Retreats From Record Highs

Copper futures decreased by nearly 2%, settling around $5.95 per pound on Thursday. This decline follows recent record highs, prompted by US President Donald Trump's decision to delay the imposition of new tariffs on imports of critical minerals. Instead, President Trump expressed an intent to negotiate agreements with foreign countries to secure adequate supplies of these vital materials for the United States. He also indicated that import restrictions could still be implemented if satisfactory agreements are not reached promptly. Last year, Trump's administration classified copper as a critical mineral, highlighting its significance to national security due to its essential role in military and advanced technologies. Analysts point out that copper production in China is expected to remain elevated in the short term. Nevertheless, copper is supported by decreasing inventories on the London Metal Exchange and a strong demand driven by the global shift towards clean energy and the rapid development of artificial intelligence.