
Copper futures steadied around $5.9 per pound on Thursday after five consecutive sessions of losses, as industrial metals drew support from stronger-than-expected expansion in China’s manufacturing activity despite ongoing pressure from the Middle East conflict. The metal also remains underpinned by solid fundamentals, with major technology firms securing supply agreements that are fueling rapid growth in data center construction, reinforcing copper demand given its essential role in electrification and power grid infrastructure. On the supply side, production from top producer Chile faces increasing uncertainty after the Middle East conflict disrupted sulphur shipments to China, leading Beijing to curb exports of sulphuric acid, a critical input for roughly half of Chile’s copper refining operations. In Indonesia, the Grasberg mine continues to operate below capacity following a fatal mudslide that triggered a force majeure event.
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