Copper futures climbed toward $5.1 per pound, reaching a four-week high after Chilean producer Codelco offered record-high prices to Chinese buyers, signaling a potential shift to prioritize US consumers. Codelco’s offers came at a $350 per ton premium over London Metal Exchange prices, up from $89 per ton agreed in last year’s negotiations. The move reinforces the market’s long-term bullish outlook for copper, as a fragile supply-demand balance is expected to tip into deeper deficits over the coming years. Copper also gained support from expectations that the US Federal Reserve will pursue a more aggressive easing path. Markets now price in roughly an 85% chance of a 25 basis point cut in December, up sharply from about 30% a week ago, with three additional cuts anticipated by the end of 2026.

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