Copper futures steadied near $5.8 per pound on Thursday after coming under pressure in recent sessions, as risk appetite improved amid easing geopolitical and trade tensions over Greenland. US President Donald Trump ruled out using military force to acquire Greenland and scaled back tariff threats against European countries after reaching a framework for a future deal with NATO. Meanwhile, copper inventories in US Comex approved warehouses rose above 500,000 metric tons for the first time, as traders redirected shipments into the US ahead of potential tariffs. On the demand side, buying from fabricators in top consumer China was dampened by record high prices. Purchasing activity remained subdued ahead of the Lunar New Year, as incentives typically strengthen only when prices fall below 95,000 yuan per ton according to industry experts.
