Copper prices climbed to their highest level in two weeks this week on Tuesday, buoyed by a weaker US dollar that helped offset ongoing concerns about global trade tensions. Trading in both London and New York showed renewed short-term optimism among investors, even as broader uncertainty surrounding international trade policies remains unresolved. On the London Metal Exchange (LME), copper prices rose as much as 1.6%, reaching $9,305 per tonne by 9:54 a.m. local time. Over in the US, copper futures for May delivery on the COMEX jumped to $4.834 per pound, which translates to $10,634 per tonne.
The gains came a day after a Bloomberg dollar index dropped to its lowest level in 15 months. A weaker dollar typically benefits commodities like copper by making them cheaper for holders of other currencies, spurring demand. That relationship continues to play out in metals markets despite the underlying economic risks.
April has been volatile for copper and other metals, driven in large part by shifting geopolitical narratives and economic policy signals. The latest rise in copper comes against the backdrop of global uncertainty stirred by US President Donald Trump’s recent move to impose sweeping import tariffs. The tariffs have raised concerns about slower global growth, which would reduce demand for industrial metals like copper. Still, the dollar’s recent decline appears to be providing some short-term relief.
Beyond the immediate market dynamics, the longer-term outlook for copper also reflects a growing geopolitical dimension. A joint analysis by MINING.COM and The Northern Miner looked into global copper production through the lens of strategic control. They divided global output into five geopolitical categories: American-controlled, Chinese-controlled, Russian-controlled, Coalition of the Willing, and Undrafted.
This classification highlights how copper, a metal critical to electrical infrastructure and the green energy transition, is increasingly tied to broader geopolitical competition. The mapping of copper production into these “spheres of control” illustrates how strategic access and influence could shape future supply chains, with implications for pricing, availability, and political leverage.
In the near term, traders and analysts remain focused on the balance between macroeconomic headwinds and currency-driven tailwinds. The recent move in copper prices underscores the metal’s sensitivity to dollar fluctuations, while also pointing to the fragility of investor confidence in an environment marked by protectionist trade policies and shifting alliances. This week’s rebound shows how quickly sentiment can shift when currency trends and policy expectations intersect.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
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