In the metals quadrant, May Copper futures experienced a fourth consecutive session decline, dropping roughly 3.8% from a recent 12-week high. The market is currently processing the upcoming May ban on sulfuric acid exports from China, which accounts for approximately 40% of global output. This primary leaching agent is crucial for copper extraction, with nearly 15% of global copper production directly dependent on it for operations. Additionally, the relentless climb in WTI Crude Oil futures toward $100 is raising global recession risks, acting as an effective tax on manufacturing, transportation, and infrastructure. Consequently, visible global copper inventory has built up to near 1.5 million tons, up significantly since the start of 2026, serving as a clear demand signal outside the U.S.