Copper Falls
Copper futures are on track for a second consecutive weekly decline despite a daily rally
July Copper futures rallied for a second consecutive session, yet the industrial metal remains on track for a second consecutive weekly decline, down 4.22% on a weekly basis.
Traders are closely monitoring CME copper warehouse stocks as a vital near-term market signal.
Overseas warehouses have experienced tighter conditions recently, with inventory drawdowns providing underlying support to the supply narrative.
Additionally, supply-side labor risks have returned to focus during this historically volatile midyear period.
A brief strike at CMOC Group's Tenke Fungurume mine in the Democratic Republic of Congo—which accounts for 15% of the nation's output at 519 thousand tons annually—was swiftly resolved but highlighted supply vulnerabilities.
Attention is also turning to Chile, the world's largest producer, where the June-to-August collective bargaining window keeps seasonal labor risks elevated.