Copper futures held around $5.94 per pound on Monday after rallying nearly 3% in the previous session, underpinned by the dollar’s weakness which lifted demand for base and precious metals. A softer dollar makes commodities priced in greenbacks, including copper, gold, and silver, more affordable for buyers using other currencies. Investment demand has also picked up, with Chinese merchants offering 1-kilogram investment-grade copper bars despite challenges in the secondary resale market. Additionally, physical buyers are front-loading copper deliveries ahead of the Lunar New Year holiday in China and potential US tariffs on refined metal, further tightening global supply. Elsewhere, robust consumption driven by the global shift toward renewable energy and artificial intelligence applications continues to support copper demand.
