en.Wedoany.com Reported - Copper prices on the New York futures market extended gains on Tuesday, rising to a seven-week high and approaching their all-time peak. The metal has recently gained momentum from fundamental supply-demand factors, with demand growth in China and concerns over global supply providing support since early May.

Traders noted that data showing China's refined copper imports hit a nine-month high in June boosted optimism for the metal used in the energy and construction sectors. The increase in imports was partly due to reduced domestic supply from smelter maintenance. According to consulting firm Shanghai Metals Market, the Yangshan copper premium—a gauge of China's import appetite—surged to a 14-month high of $100 per ton on July 17, rising 133% this year.

Ongoing issues at major global mines also provided support. Despite a monthly recovery, Chile's ore production fell 9% year-on-year in May, while Indonesia's Grasberg mine operated at only 50% capacity.

Against this backdrop, the most active copper futures contract on the Comex rose 2.9% to settle at $6.52 per pound, the highest since June 2. Copper had already recorded an 8.0% gain in the first half of the year. On May 13, copper hit an all-time high of $6.65 per pound. In the second quarter, copper rose 12%, with a cumulative gain of 20% over the past 12 months. In 2025, copper surged 40% due to widespread supply disruptions, but slowing global economic growth has dampened demand expectations, curbing its value.

Citi strategist Charlie Massy-Collier attributed the price volatility to demand from artificial intelligence infrastructure. Since 2022, nearly all demand growth has come from the energy transition and digital technology-related sectors. The market expects copper prices to reach $7.0 per pound in the short term.