2026.05.1404:05:23UTC+00Copper Pulls Back as Investors Lock in Profits

Copper futures fell nearly 2% to around $6.50 per pound on Thursday, pulling back from record highs as traders took profits and reassessed the market’s fundamental supply–demand balance. The metal has staged a powerful rally this month, underpinned by a constructive long-term outlook linked to AI-driven infrastructure buildouts, grid modernization, and the broader global energy transition. Persistent strength in AI-related equities has further bolstered expectations of ongoing investment in data center capacity, reinforcing the demand outlook for copper.

On the supply side, China’s export restrictions on sulfuric acid, combined with disruptions to sulfur production in the Middle East, could tighten global supply conditions and create a structural tailwind for prices. At the same time, markets are closely monitoring the meeting between US President Donald Trump and Chinese President Xi Jinping, where discussions are expected to touch on trade relations, rare earths, and artificial intelligence.