Copper futures climbed above $6 per pound on Tuesday, hitting new record highs amid expectations of a further tightening in global supply this year. Traders are increasingly concerned that the Trump administration could introduce new tariffs on refined metals, diverting shipments into the US and leaving major trading hubs such as London and Shanghai short of supply. Prices were also supported by a robust global demand outlook, particularly from power grid upgrades, renewable energy projects, and data center expansion. In addition, expectations that the US Federal Reserve will deliver further interest rate cuts this year reinforced risk-on sentiment across financial markets. In top consumer China, continued policy support and ample liquidity are underpinning longer-term gains in copper prices.
