LME copper retreated to $14,218.50 per tonne after reaching a record $14,437 during the previous week. Chilean copper production fell 9.4% year on year in July to 403,400 tonnes, reinforcing concerns about global mine and refined supply. However, high prices reduced Chinese cathode-rod operating rates and narrowed import premiums, indicating weaker immediate buying. The market therefore remains structurally supported by supply constraints but vulnerable to short-term corrections at elevated prices.
