Copper futures climbed toward $6 per pound on Monday, marking a second consecutive session of gains as the metal moved closer to record highs amid tightening supply concerns. Traders remain wary of potential US tariffs on refined metals, which could redirect shipments to the US and constrain global supply. Major South American producers also continue to face disruptions from natural disasters, strikes, and political risks. At the same time, strong industrial demand is supporting prices, driven by the shift toward greener technologies and artificial intelligence. Electric vehicles require up to four times more copper than gasoline cars, while AI data centers rely heavily on copper wiring. Markets are also pricing in additional US Federal Reserve rate cuts this year, alongside expectations for further policy easing in top consumer China.
