Copper traded near $6.30 a pound on Tuesday, almost 8% below its Aug. 6 record and after its first losing week since June. Fresh deliveries into London Metal Exchange warehouses eased immediate supply concerns and pushed prices into contango, while reports that the Trump administration delayed a decision on refined-copper tariffs contributed to the retreat. The longer-term supply outlook remains tight: global mine output fell 1.1% in the first half of 2026, Freeport-McMoRan's Grasberg mine was operating at roughly half capacity after a fatal landslide, and Chile cut its production forecast. Artificial-intelligence data centers are adding demand, although analysts' estimates of a market deficit range from 150,000 tons to 600,000 tons and Goldman Sachs warned that elevated prices could encourage aluminum substitution. Technical indicators pointed to further downside, with support near $6.29 and $5.90 identified as a possible next level. China's August industrial output exceeded expectations, while retail sales, fixed-asset investment and new-home prices indicated continued economic weakness.