Copper futures held around $4.40 per pound on Monday, lingering near the lowest levels since early April amid concerns that bloated US inventories are now set to be drawn down, dampening near-term demand. Traders had previously rushed shipments into the US to frontload expected tariffs, temporarily inflating domestic premiums. Further weighing on sentiment are signs of weakening global demand, with China’s Yangshan copper premium falling by half since its May peak. Last week, copper plunged more than 30% after President Donald Trump announced that new US tariffs would only apply to semi-finished products like wires and pipes, exempting key imports such as ore, cathodes, and concentrates, which make up the bulk of copper inflows.
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