Copper futures hovered around $6.30 per pound on Tuesday, trading near seven-week lows as renewed deliveries to London warehouses helped ease supply concerns. Inventories tracked by the London Metal Exchange saw their largest inflows in nearly a month, pushing London prices into contango and signaling ample availability of the metal.
Copper had surged to record highs last week as traders diverted shipments to US warehouses in anticipation of potential tariffs on refined metal. Prices then retreated sharply after reports that the Trump administration had delayed a decision on the proposed measures.
The broader base-metals complex also remained under pressure ahead of an expected interest rate hike by the US Federal Reserve this week. Meanwhile, data from top consumer China showed industrial output grew more than forecast in August, but figures for retail sales, fixed-asset investment, and new home prices continued to reflect underlying weakness in economic activity.
