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Copper futures declined to around $6.45 per pound on Thursday, extending losses for a second consecutive session as expectations for tighter monetary policy in response to an energy-driven inflation shock weighed on demand prospects. A prolonged Middle East conflict and the near-closure of the Strait of Hormuz also continued to pressure global growth expectations. Strong US labor market data further reinforced bets that the Federal Reserve will raise interest rates this year, marking a sharp shift from earlier expectations of rate cuts. Elsewhere, traders are monitoring potential US tariff decisions that could impose duties on copper imports, prompting increased shipments into US ports ahead of any policy change. At the same time, Chile, the world’s largest copper producer, reported its weakest April output in 23 years, raising concerns over tightening global supply.
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