Copper futures traded around $6.45 per pound on Friday after falling nearly 5% in the previous session, following a record $6.89 settlement in New York on Wednesday. The rally reflected demand from artificial-intelligence infrastructure, electric vehicles, electrification and grid investment, weaker mine output, and tariff-driven shipments into U.S. warehouses that tightened availability elsewhere. Reports that the United States was reconsidering proposed refined-copper duties pressured prices, as officials weighed the benefits of encouraging domestic mining and refining against higher costs for manufacturers and inflation. Global mined output fell 1.1% in the first half of 2026, while Chilean production declined 6.6%, according to preliminary International Copper Study Group data; Codelco and Freeport-McMoRan also reportedly recorded double-digit production declines. Refined copper remains in global surplus, but sulfuric-acid shortages and other supply pressures are affecting major refiners. Copper remains up more than 15% this year and 40% over the past 12 months, while copper wire and cable prices rose about 18% year over year in July, according to the Bureau of Labor Statistics.