Copper Holds Decline on Easing Supply Worries

Copper futures traded near $6.3 per pound on Tuesday, hovering at seven-week lows as fresh deliveries to London warehouses eased concerns over supply. Warehouses monitored by the London Metal Exchange recorded their largest inflows of the metal in nearly four weeks, pushing London prices into contango and signaling ample availability. Copper prices surged to record highs last week as traders redirected shipments to US warehouses ahead of potential tariffs on refined metal, before retreating sharply following reports that the Trump administration had postponed a decision on the matter. The broader metals complex also remained under pressure ahead of an expected US Federal Reserve interest rate hike this week. Elsewhere, data from top consumer China showed industrial output expanded more than expected in August, while retail sales, fixed asset investment and new home prices pointed to continued weakness in economic activity.