December Copper futures fell in two of the last three sessions, dropping 6.26% from its October 19 high. The metal has fallen 15.7% since the July 24 high. US inventories, built in anticipation of tariffs, are now unwinding, but combined with global refinery supply, this could create a surplus. The Chinese economic slowdown is also curbing global copper consumption, with downturns in housing, air conditioner production, and solar installations.