Copper futures fell to around $6.4 per pound on Monday, extending the previous week’s losses and reaching a six-week low. Firm expectations that the US Federal Reserve will raise interest rates weighed on risk-sensitive assets after stronger-than-expected US inflation data on Friday. Markets are pricing in about an 86% probability of a 25-basis-point rate increase on Wednesday. Oil prices also surged after Saudi Arabia shut down the critical East-West pipeline, which bypasses the Strait of Hormuz, raising concerns about further inflation. Copper had already plunged nearly 5% last Thursday after reports that the Trump administration delayed a decision on tariffs for refined copper imports. US officials were reportedly concerned that the proposed levies could push domestic copper prices higher and increase manufacturing costs.