Copper futures rose above $5.8 per pound on Monday, moving closer to the record levels reached in July last year as tightening global supply conditions continued to support prices into the new year. Concerns over potential US tariffs have prompted traders to redirect shipments into the US, tightening availability at major trading hubs such as London and Shanghai. Prices were further supported by supply disruptions following the start of a strike at Chile’s Mantoverde mine, where union members are seeking a larger share of profits amid surging metal prices. Meanwhile, traders also assessed the impact of the US attack on Venezuela that resulted in the arrest of President Nicolas Maduro, although Venezuela is not a significant player in the global copper market. Last year, copper gained more than 40%, marking its strongest annual performance since 2009, driven by supply shortfalls, robust demand, and heightened trade-related concerns.
