Copper climbed above $5.8 per pound on Wednesday, recovering some of the previous session’s losses as the dollar weakened amid renewed geopolitical and trade risks. A softer dollar makes greenback-priced commodities more attractive to holders of other currencies, supporting demand. US President Donald Trump has threatened European nations opposing his plan to take over Greenland with new tariffs, while European leaders are weighing possible retaliation. US stocks, bonds, and the dollar sold off on growing concerns over American leadership on the global stage, boosting interest in real assets. Meanwhile, Australian miner Rio Tinto reported a 5% increase in copper production for the fourth quarter, driven by the expansion of underground operations at Oyu Tolgoi in Mongolia. In contrast, Chile’s Escondida mine logged a 10% drop in copper production last quarter due to a reduction in concentrator output and lower grades.
