2026.05.0104:32:59UTC+00Copper Holds Firm on Resilient China Demand

Copper futures held above $5.95 per pound on Friday, extending the prior session’s rebound as evidence of improving demand from China offset persistent headwinds from the Middle East conflict. Data released on Thursday showed Chinese manufacturing activity expanded more than expected in April, with factories ramping up production to ship goods early to overseas buyers worried that the Iran conflict could push costs even higher.

The metal is also underpinned by strong structural fundamentals. Major technology companies are locking in long-term supply agreements, fueling rapid growth in data center infrastructure and reinforcing copper demand, given its essential role in electrification and power grid networks.

Still, Commerzbank warned that the recent surge in prices is increasingly becoming a major headwind to further gains, suggesting limited upside for copper in the near term.