Copper futures fell below $6.1 per pound on Wednesday, reversing the previous session’s gains as investors awaited a US Commerce Department report on the copper market that could pave the way for import tariffs on refined copper. The metal also came under pressure from strong US economic data, which reinforced expectations of tighter Federal Reserve policy and weighed on the demand outlook for industrial metals. Markets are now pricing in at least one Fed rate hike this year, with the first potentially coming as early as September. Meanwhile, Goldman Sachs said the conflict involving Iran could ultimately support metals demand, citing stronger electric vehicle adoption, increased investment in renewable energy, higher defense spending and intensifying competition in artificial intelligence as key drivers of long-term copper consumption.

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