Copper futures fell on a weekly basis despite a daily rally.

July Copper futures rallied for a second consecutive session, yet the industrial metal remains on track for a second consecutive weekly decline, down 4.22% on a weekly basis. Traders are closely monitoring CME copper warehouse stocks as a vital near-term market signal. Overseas warehouses have experienced tighter conditions recently, with inventory drawdowns providing underlying support to the supply narrative. Additionally, supply-side labor risks have returned to focus during this historically volatile midyear period. A brief strike at CMOC Group's Tenke Fungurume mine in the Democratic Republic of Congo-which accounts for 15% of the nation's output at 519 thousand tons annually-was swiftly resolved but highlighted supply vulnerabilities. Attention is also turning to Chile, the world's largest producer, where the June-to-August collective bargaining window keeps seasonal labor risks elevated.