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Copper futures held above $6.50 per pound on Tuesday, trading near their highest levels in more than two weeks after President Donald Trump signed a proclamation modifying certain metals tariffs to better address national security concerns. The change has widened the US copper premium, potentially drawing additional metal into US ports at a time when global supply constraints are intensifying. Chile, the world’s largest copper producer, posted its weakest April output in 23 years, amplifying worries about tightening global supply. On the demand side, optimism over the expansion of artificial intelligence technologies and the rapid buildout of data centers has bolstered the metal’s outlook. Additional support comes from rising copper use in global power grids, driven by the ongoing transition to cleaner energy systems, which further strengthens the bullish demand narrative.
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