Copper futures held steady above $6.15 per pound on Wednesday, remaining range-bound after BHP Group received environmental approval for an expansion project at its Chilean copper operations, supporting its strategy to benefit from an increasingly tight global market. The world’s largest miner aims to nearly double its global copper output by the mid-2030s, driven by expectations of a prolonged supply deficit amid resilient demand from electrification and other structural trends. Meanwhile, copper prices faced headwinds as oil prices climbed following fresh US air strikes on Iran in response to recent attacks on commercial vessels transiting the Strait of Hormuz. Investors also awaited the minutes of the Federal Reserve’s June meeting for further clues on the policy outlook after the central bank adopted a more hawkish tone at its June policy meeting.

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