May Copper futures fell for the second session in the last three, rotating lower after a 9.17% rally off the 200-day moving average. The market faces unique supply-side pressures as the closure of the Strait of Hormuz strands an estimated 40,000 tons of copper per month from Middle Eastern smelters. Meanwhile, Chinese copper inventories have drawn down by over 30% since mid-March, falling to roughly 300,000 tons. This suggests fabricators are actively pulling metal from exchange warehouses to avoid elevated open-market prices. Compounding the fundamental pressures, treatment charges remain thin and rising power costs are squeezing margins, weakening global demand from refiners and pushing futures prices lower.