Copper futures slipped to about $6.67 per pound on Wednesday, pulling back from record highs as traders locked in profits and reassessed market fundamentals. Prices had climbed to new all-time peaks earlier in the week, driven by uncertainty over tariffs and tightening global supply.
A persistent premium for copper futures on New York’s COMEX continued to create arbitrage opportunities, even though the White House has yet to finalize proposed tariffs on the metal. At the same time, leading copper producers in South America have faced operational setbacks this year, weighing on both output and exports.
Overall supply has struggled to keep pace with robust demand from data centers, renewable energy projects, and power grid infrastructure. In China, consumption is expected to pick up as the market enters its traditional peak season for manufacturing activity.
