US copper futures rose above $6.6 per pound on Monday, nearing the $6.7 record tested in late August as supply concerns intensified. Strikes between the US and Iran extended the suspension of normal commercial vessel traffic through the Strait of Hormuz, worsening sulfuric acid shortages affecting refiners in key South American hubs. Supply pressures from GCC countries also prompted China to halt exports, while concerns that the US presidential administration could impose tariffs on unprocessed copper goods encouraged buyers to bring forward deliveries. The resulting demand helped steepen backwardation (when near-term prices exceed later prices) across major Western copper exchanges. Mined supply also weakened, with Codelco and Freeport-McMoRan reporting double-digit production declines after the International Copper Study Group recorded a 1.1% fall in global output during the first half of the year.