Copper futures climbed above $5.8 per pound on Friday, rebounding from multi-week lows and tracking gains across the broader metals complex as the dollar weakened. Demand for real assets increased as shifting US-Europe geopolitical dynamics involving Greenland weighed on the greenback, alongside concerns that Europe could weaponize its substantial holdings of US assets. Supply risks also supported prices after a major Chilean copper mine halted production due to a strike, likely offsetting Freeport McMoRan’s progress in restarting operations at Indonesia’s Grasberg mine. On the demand side, strong consumption linked to the global transition toward renewable energy and a surge in shipments to the US ahead of potential tariffs underpinned prices. Meanwhile, Chinese smelters have ramped up exports through deliveries to LME warehouses this year, as higher global prices and ongoing property sector strains in China encouraged outbound shipments.

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