Copper futures eased to around $5.87 per pound on Tuesday, giving back part of the previous session’s gains amid signs of softening demand in top consumer China. The Yangshan import premium, a key indicator of Chinese copper consumption, has halved over the past month to its lowest level since mid-2024. Analysts warned that record high base metal prices are starting to weigh on demand by squeezing corporate profit margins. Copper had surged to fresh record highs last week on optimism tied to the global push toward renewable energy and supply concerns driven by the threat of US tariffs, which tightened conditions in the London market. Prices have since retreated after the US opted to defer tariffs on critical minerals, while China stepped up its crackdown on high-frequency trading, which plays a significant role in commodity markets.

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