Copper futures fell below $4.95 per pound on Friday, touching their lowest level in two weeks, pressured by subdued demand signals from top consumer China and expectations that the U.S. Federal Reserve will maintain its current interest rate stance in December.

China Demand Weakness Weighs Heavily
The market faced significant headwinds from persistent softness in Chinese demand, driven by an ongoing property sector crisis and slower power grid spending. Reports indicated that Beijing is considering new measures to support the struggling real estate market, though specific details remain undisclosed.

Adding to the bearish sentiment, China's copper cathode imports fell 22.1% in October compared to a year earlier, and declined 15.7% from the previous month, highlighting a sustained drop in demand.

Fed Policy Adds Pressure
Copper prices also felt pressure from signals that the Federal Reserve will adjust monetary policy cautiously amid ongoing economic uncertainty, reducing expectations for a December rate cut. Higher interest rates typically strengthen the U.S. dollar and can dampen demand for dollar-priced commodities like copper.

Supply Disruption Update
In supply-related news, Freeport-McMoRan announced plans to resume production at Indonesia's Grasberg mine by July 2026. Operations were halted in September after a landslide and flooding incident resulted in seven fatalities. The planned restart provides a clearer timeline for the return of this significant supply source.