Copper futures steadied around $4.93 per pound on Thursday, pausing a two-day decline as plunging treatment and refining charges threatened to curb refined output by squeezing producer margins. Importers in Japan, South Korea, and Spain warned that falling processing fees could endanger the sector’s sustainability. The metal also drew support from expectations of additional Federal Reserve rate cuts after Governor Stephen Miran noted that rising trade tensions have heightened economic uncertainty, underscoring the need for faster policy easing. On the trade front, top US officials criticized China’s rare earth export controls for potentially disrupting supply chains, though Beijing defended the move. Meanwhile, Treasury Secretary Scott Bessent indicated the current US-China trade truce could be extended beyond three months if China suspends its planned restrictions on rare earth exports.
