Copper futures fell to below $3.75 per pound level, approaching the one-month low of $3.73 touched on January 15th amid a fresh bout of strength in the dollar and uncertain demand.
Fed policymakers pushed back against market expectations of multiple rate cuts this year as the fight against inflation persists, lifting the US dollar used to price copper benchmarks and pressuring the purchasing power of importers.
In the meantime, China’s GDP expanded less than forecasted by markets in the fourth quarter, aligning with pessimism over this year’s industrial demand.
The concerns were magnified by Beijing’s hesitance to deliver excessive economic support after the PBoC unexpectedly refrained from lowering the rate on its medium-term lending facility.
Still, supply concerns limited the downturn, underscored by the halt in production from First Quantum’s Cobre mine in Panama.

Also, Anglo American’s cut its copper output target for the year by close to 25% due to surging operation costs