Copper futures traded lower on Thursday, remaining in a consolidated range between $6.5165 and $6.7690 established since the July 21 high. The copper supply outlook tightened this week following warnings that flooding in the Democratic Republic of Congo could reduce Zijin Mining's production by 57,000 tons this year. In addition, Chinese smelters are seeking feedstock amid limited new mine supply. Uncertainty continues to surround U.S. policy as the federal comment period for expanding Section 232 tariffs to additional copper products closes Thursday. The potential for broader tariffs has diverted metal into U.S. warehouses, drawing down overseas inventories. Research firm CRU projects the 2026 surplus will remain balanced at best, keeping market expectations focused on medium-term supply dynamics.