Copper futures rose above $6.40 per pound on Monday, hitting their highest level in more than two weeks as tightening global supply and strong demand expectations continued to underpin the market. Chile, the world’s largest copper producer, posted its weakest April output in 23 years, deepening concerns over constrained global supply. At the same time, the newly appointed chairman of state-owned miner Codelco signaled a strategic shift toward prioritizing profitability over maximizing production volumes.
On the demand side, rising optimism about the expansion of artificial intelligence technologies and the rapid build-out of data center infrastructure strengthened the metal’s medium-term outlook. In addition, increasing copper use in power grids worldwide—driven by the ongoing transition to cleaner energy sources—further reinforced the bullish demand narrative.
