Copper Steadies on Strong China Data

Copper futures steadied near $6.3 per pound on Tuesday after facing pressure in recent sessions, as solid trade data from top consumer China reinforced the demand outlook. Chinese exports jumped 19.4% to a record $376.8 billion in May, well above expectations, driven by strong demand for AI technology and renewable energy products. Copper also drew support from easing geopolitical tensions after Iran and Israel agreed to halt attacks against each other, reducing concerns that higher oil prices could fuel inflation and lead to tighter monetary policy that would weigh on global growth and metals demand. Meanwhile, Jefferies expects copper prices to remain stronger for longer than previously anticipated, citing an average annual supply deficit of 491,000 tons through 2030 and a delayed recovery at the Grasberg mine.