Copper futures rose to about $6.45 per pound on Thursday, extending gains for a third straight session as the broader metals complex rebounded following the widely expected interest rate hike by the US Federal Reserve. The advance was tempered, however, by ongoing caution among investors after the Fed signaled that further rate increases may still be needed to tame persistent inflation, a prospect that could pressure non-yielding metals.
Prices also drew support from solid longer-term demand expectations linked to data centers and renewable energy projects, as well as from supply disruptions at major mines. Earlier in the week, copper had slipped to multi-week lows after reports that the Trump administration had postponed a decision on potential tariffs on refined metal.
At the same time, warehouses tracked by the London Metal Exchange received fresh copper deliveries, recording their largest inflows in nearly four weeks. The increase in inventories pushed London prices into contango, signaling ample near-term supply.
