Copper futures fell below $5.8 per pound on Thursday, extending losses from the previous session, pressured by a stronger dollar as rising oil prices reignited inflation concerns. Oil climbed for a second day as the prospect of a protracted Iran war overshadowed a coordinated release of oil reserves by major economies. Forward-looking inflationary risks dampened expectations for Federal Reserve rate cuts, with forecasts pointing to only one reduction later this year, bolstering the dollar. On the trade front, the Trump administration launched new investigations into China, the EU, and other economies, aimed at replacing President Donald Trump’s reciprocal tariffs recently struck down by the Supreme Court. Meanwhile, opportunistic dip-buying by Chinese fabricators provided some support, driven by demand from the construction and renewable energy sectors.

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