Copper futures moved lower during Tuesday's session, marking the fourth decline in the last five trading days. While the market saw a brief rally yesterday, today's price action reversed those gains as traders focused on weakening physical demand in China. Reports indicate that fabricator buying has slumped, and the Yangshan import premium—a critical gauge of consumption—has dropped to its lowest levels since mid-2024. These demand concerns surfaced even before the Iran conflict added new layers of uncertainty to the global growth outlook. Despite the downward pressure, a pullback in the U.S. dollar and falling short-term Treasury yields provided a necessary floor for the metal. As dollar-denominated commodities often find support when the greenback retreats, the recent stabilization in copper suggests that easing currency headwinds may be offsetting some of the physical market softness.