01.07.202603:42:46UTC+00Copper Falls Ahead of US Market Report

Copper futures fell below $6.10 per pound on Wednesday, erasing the previous session’s gains as traders awaited a US Commerce Department report on the copper market that could clear the way for import tariffs on refined copper. Prices also came under pressure from robust US economic data, which strengthened expectations of a tighter Federal Reserve policy stance and dimmed the demand outlook for industrial metals. Markets are now pricing in at least one Fed rate hike this year, with the first move potentially coming as early as September. At the same time, Goldman Sachs noted that the conflict involving Iran could ultimately bolster metals demand, pointing to faster electric vehicle adoption, increased investment in renewable energy, higher defense spending, and intensifying competition in artificial intelligence as key drivers of long-term copper consumption.