Copper futures in the US fell to $5.72 per pound, extending their pullback since reaching a record high of $6.1 on January 14th as signs of softening demand momentarily outweighed lingering concerns of tight supply. The Yangshan import premium, which measures the premium that manufacturers pay to import physical metal from bonded warehouses, fell by more than 50% to reflect a drop in buying as record high base metal prices weigh on corporate profit margins. Prices have also 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. 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 and Asian market.
