Copper futures held above $4.87 per pound on Wednesday, supported by a sharp decline in global inventories. London Metal Exchange copper stockpiles have dropped over 63% year-to-date, falling to just 99,000 metric tons, as traders diverted shipments to the US ahead of anticipated tariffs on copper imports—further tightening global supply.
However, analysts cautioned that once the specifics of former President Trump’s proposed tariffs are finalized, US buyers—many of whom front-loaded orders earlier this year—may sharply reduce purchases, potentially weighing on near-term demand. Geopolitical risks also remained in focus. A US-brokered ceasefire between Israel and Iran appeared to be holding despite isolated flare-ups. Still, intelligence reports indicated that recent US missile strikes only partially damaged Iran’s nuclear facilities, delaying but not dismantling its program.
