Copper futures rose above $5.1 per pound, reaching a two-week high as risk sentiment strengthened after President Donald Trump signed a short-term funding bill ending the longest US government shutdown in history. Hopes for additional Federal Reserve rate cuts amid signs of labor market weakness further supported risk assets. Meanwhile, the Trump administration expanded its list of critical minerals vital to the US economy and national security to include copper, underscoring its importance to electric vehicles, power grids, and data centers. At the same time, speculation grew that Beijing may target the copper refining industry next in its drive to reduce overcapacity, following calls from China’s nonferrous metals association for tighter oversight of new smelting projects.
