FX.co ★ Copper Holds Advance on Supply Concerns

Copper futures hovered around $4.90 per pound on Thursday, climbing nearly 5% for the week, driven by ongoing supply disruptions and intensified trade tensions, which bolstered positive market sentiment. Production issues at Teck Resources' operations in Chile are projected to continue for several months, with mining activity at the Kamoa-Kakula project in the Democratic Republic of Congo facing similar setbacks, further tightening the global copper supply. Simultaneously, investor concerns heightened after President Trump issued an executive order to double tariffs on steel and aluminum to 50%, leading to speculation about copper facing similar measures. The United States is currently investigating copper imports, contributing to the prevailing uncertainty. However, the upward momentum was moderated by weaker-than-expected manufacturing and services data from China, the world's largest copper consumer, which raised concerns over potential demand weakness.