Copper Holds Firm After US Tariff Move

Copper futures remained above $6.5 per pound on Tuesday, hovering near over two-week highs after President Donald Trump signed a proclamation adjusting certain metals tariffs to better address national security concerns. The move has widened the US copper premium, potentially encouraging fresh inflows of the metal into US ports just as global supply constraints intensify. Chile, the world’s largest copper producer, reported its weakest April output in 23 years, underscoring mounting concerns over tight global supply. On the demand side, optimism around the expansion of artificial intelligence technologies and rapid data center buildouts supported the metal’s outlook. Rising copper usage in global power grids, driven by the ongoing shift toward cleaner energy systems, further reinforced the bullish demand narrative.