Copper moved higher as geopolitical concerns eased, equity markets recovered and visible stockpiles continued to fall.
London Metal Exchange inventories have been tightening as metal is moved towards the United States ahead of a possible import tariff decision expected by the end of June.
The market also reflects a wider supply problem. Forecasts point to a growing copper deficit by 2030, with mine disruptions, weaker output and higher production costs adding pressure. Delays at Grasberg, cost issues at Kamoa-Kakula and weak Chilean production in April all underline the risk that future supply may not keep pace with demand.
Demand remains mixed. China’s export growth in May helped sentiment, partly linked to demand from artificial intelligence hardware. However, China’s copper imports over the first five months of 2026 were lower than a year earlier, and the Yangshan copper premium weakened. That suggests buyers are still cautious.
Copper may benefit from tight supply and long-term demand from electrification, data centres, vehicles and infrastructure.
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