FX.co ★ Copper Hovers Near Record High

Copper futures slipped below $6.60 per pound on Wednesday but stayed close to the record high set in the previous session, as traders weighed uncertainty over a potential US tariff on the metal against signs of tightening supply. Earlier this week, President Donald Trump signed a proclamation adjusting tariffs on certain metal imports, but it left the broader policy on copper duties unresolved. At the same time, Chile — the world’s largest copper producer — reported its weakest April output in 23 years, intensifying worries about constrained global supply. On the demand side, the outlook remains supportive, underpinned by optimism over the expansion of artificial intelligence technologies and the rapid construction of data centers. The ongoing transition to cleaner energy systems is also boosting copper consumption through large-scale upgrades to power grids, reinforcing a broadly bullish long-term view of the metal.