Copper futures surged 5% to above $6.2 per pound on Thursday, hitting record highs on rising demand for real assets as geopolitical and trade uncertainties and a sudden drop in the dollar unnerved investors. In recent developments, US President Donald Trump threatened Iran with military strikes far more severe than the attack he ordered in June unless the country agrees to a trade deal with Washington. Trump’s tariff threats against other nations, coupled with his apparent indifference to the dollar’s weakness, further fueled the flight to metals. Copper is also being supported by recurring supply tightness and robust industrial demand, particularly driven by the global transition to renewable energy and artificial intelligence. Meanwhile, copper inventories in Shanghai, London, and New York have risen in recent weeks, pushing combined holdings above 900,000 tons.
