Copper is down by 2%

Copper decreased 2% to 6.3223 USD/Lbs

Copper futures eased below $6.37 per pound on Friday after reaching a more-than one-month peak earlier this week, as weak domestic demand and declining global prices weighed on sentiment. The decline followed a more than 3% jump in the previous session, driven by tighter supply conditions in China after a crackdown on VAT fraud reduced copper scrap availability and boosted demand for refined copper imports. However, gains faded as traders booked profits and concerns over slower demand growth returned. In India, copper futures on the MCX declined, with July contracts falling 0.15% and August contracts dropping 0.29% amid subdued demand from domestic consuming industries. Globally, LME copper slipped 0.37%, while Comex copper also moved lower as the market balanced tightening supply conditions against weaker demand signals.

Copper futures rose toward $6.52 per pound on Thursday, hovering near their highest level in seven weeks, as tightening supply and falling inventories continued to support prices. Copper stockpiles in LME-registered and Shanghai-monitored warehouses have declined sharply in recent months, boosting the Yangshan copper premium, a gauge of China's import demand, to a multi-year high of $115 per ton. Supply was further constrained by smelter maintenance, typhoon-related stockpiling, and limited scrap availability in China, while traders continued shipping metal to the US ahead of a potential tariff on refined copper imports. However, gains were capped as rising oil prices renewed inflation concerns and strengthened expectations for higher interest rates, weighing on the demand outlook for industrial metals.