Copper futures rose to about $6.60 per pound on Wednesday, setting a new record high, driven by stronger Chinese demand and mounting supply concerns. Recent data pointed to resilient industrial activity in China despite geopolitical tensions, with consumption remaining robust across power grid expansion, renewable energy projects, and AI-related infrastructure. The ongoing surge in AI-related equities has further bolstered expectations for sustained investment in data centers, reinforcing the outlook for copper demand.
On the supply side, disruptions in the availability of sulphuric acid related to the US–Iran conflict have heightened worries about tighter global supply conditions. At the same time, President Donald Trump is set to meet Chinese President Xi Jinping this week, stating that trade negotiations will take priority over discussions on the Iran situation.
