Copper futures held steady around $5.85 per pound on Thursday, maintaining gains from the previous session as the market continued to face tight supply conditions. Major copper mines are still grappling with operational disruptions, prompting producers to maintain cautious output guidance. Global mine production is projected to increase by only about 1% this year, while the concentrate market is expected to remain constrained despite ongoing efforts to expand smelting and processing capacity. On the demand side, strong consumption tied to the energy transition and expanding data-center infrastructure is expected to keep the market undersupplied in the coming years. Meanwhile, investors continued to track developments in the Middle East as the US-Israeli conflict with Iran entered its sixth day. In top consumer China, the government set a softer economic growth target of 4.5%–5% as policymakers contend with persistent deflationary pressures and higher US tariffs.
