U.S. copper futures fell to $6.45 on Thursday after reaching $6.50 earlier in the session, as reports that the White House is reconsidering tariffs on refined copper weakened a policy-driven premium that had drawn metal into North America. The administration is reassessing its earlier signal to extend levies to refined copper products amid concerns about inflation for manufacturers ahead of the midterms. The reversal follows an earlier surge that sent New York copper to a reported $6.89 per pound and three-month London Metal Exchange copper to $14,875 per tonne before both markets declined sharply. Supply concerns remain pronounced: sulfuric-acid shortages have affected major refiners, China halted exports amid supply pressure from GCC countries, backwardation steepened on major Western exchanges, and global mine production fell 1.1% in the first half of 2026. Codelco and Freeport-McMoRan have also reported double-digit production declines, although refined copper remains in global surplus.