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Copper futures fell below $6.3 per pound on Tuesday, extending their decline as easing supply concerns combined with softer demand conditions. Industry data showed that global shipments of copper concentrate have risen since April, pointing to ample raw material availability. At the same time, imports of concentrate by top consumer China have remained subdued, while treatment charges continue to hover near record lows. Despite these pressures, excess smelting capacity has so far limited the need for production cuts. Analysts noted that weakness across traditional copper-consuming industries in China has been only partially offset by resilient demand from renewable energy, energy storage, and electronics sectors. Still, longer-term support for copper prices remains in place, underpinned by constrained mine supply and growing demand linked to electrification.
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