Copper futures pulled back from recent highs. 12/4/25

March Copper futures pulled back after hitting an 18-week high, recording an inside range day that suggests a pause in the rally rather than a reversal. The market has gained nearly 21% since late July and remains on pace for a positive week despite daily profit taking. Sentiment was influenced by shifting U.S. rate cut expectations, with the market pricing in fewer reductions through mid-2026. Supply uncertainty also weighed on price action, as Ivanhoe Mines and Glencore lowered production guidance while Rio Tinto raised its 2025 forecast based on progress in Mongolia.