Copper futures rose 2% to around $5.98 per pound on Wednesday, reversing losses from the previous session as a sharp decline in the dollar lifted the broader metals complex, including copper, gold and silver. A weaker greenback makes dollar-denominated commodities more affordable for holders of other currencies, supporting demand. Copper also drew support from growing retail investor interest and structural demand tied to renewable energy, electrification and artificial intelligence. However, gains were capped by signs of softening demand in top consumer China and rising global inventories. Data showed copper stockpiles at Shanghai Futures Exchange warehouses climbed last week to a record seasonal high, pointing to sluggish consumption. Meanwhile, COMEX copper inventories topped 500,000 tons for the first time, while London Metal Exchange stockpiles rose to their highest level since May 2025, lifting total global holdings above 900,000 tons.
