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Copper futures slipped to around $6.45 per pound on Wednesday, extending the previous session’s losses as a pickup in metal deliveries to London Metal Exchange warehouses helped relieve a historic supply squeeze. LME copper inventories climbed by 20,000 tons on Tuesday, marking their biggest daily increase since April, with Trafigura Group reportedly responsible for a substantial portion of the inflows. Copper had rallied to record highs earlier this month as tightening global supply fueled gains, largely reflecting an arbitrage trade ahead of potential US import tariffs. Meanwhile, top producer Chile expects copper output to decline this year as ongoing disruptions continue to affect mines and development projects. The broader metals complex also faced pressure from elevated global bond yields and firmer oil prices, keeping inflationary pressures and interest rate risks at the forefront of investor concerns.
