Copper Gains on Tightening Supply

Copper futures climbed above $6.4 per pound on Monday, reaching their highest levels in more than two weeks as tightening global supplies and robust demand expectations continued to support the market. Chile, the world’s largest copper producer, reported its weakest April output in 23 years, reinforcing concerns about constrained global supply. Meanwhile, the newly appointed chairman of state-owned miner Codelco indicated that the company will place greater emphasis on profitability rather than maximizing production volumes. On the demand side, growing optimism surrounding the expansion of artificial intelligence technologies and the rapid construction of data center infrastructure bolstered the metal’s outlook. Rising copper consumption across global power grids, driven by the ongoing transition toward cleaner energy sources, also strengthened the bullish demand narrative.