Copper futures remained above $5.95 per pound on Friday after rebounding in the previous session, supported by signs of improving demand in China despite ongoing headwinds from the Middle East conflict. Data released Thursday showed Chinese manufacturing activity expanded more than expected in April, as factories accelerated production to ship goods early to overseas buyers concerned that the Iran conflict could further drive up costs.

The metal also continues to draw support from solid underlying fundamentals, with major technology firms securing long-term supply agreements that are driving rapid expansion in data center infrastructure, reinforcing copper demand given its critical role in electrification and power grid networks. However, Commerzbank cautioned that elevated copper prices are increasingly acting as a key constraint on further upside, potentially limiting additional gains in the near term.

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