Copper steadied near $14,000/ton after exchange-tracked warehouses received
fresh deliveries, easing earlier supply tightness. LME futures were little
changed on Tuesday after posting their lowest close in four weeks. Copper fell
sharply from a weekend record high that followed traders diverting refined metal
to the US ahead of expected tariffs that have not been implemented; Monday saw
the largest LME warehouse copper delivery in nearly four weeks. Three-month LME
copper is trading $85.75/ton over spot, a futures premium consistent with ample
supply.