Copper prices fell from a record high in a broadly weaker base metals market on Tuesday, dragged by a firmer dollar and a lack of robust physical demand.
Three-month copper on the London Metal Exchange (LME) eased 0.8% to $10,799 per metric ton by 0426 GMT.
The most-traded July copper contract on the Shanghai Futures Exchange (SHFE) edged down 0.4% at 86,410 yuan ($11,940.69) a ton.
The dollar was firm, making greenback-priced metals like copper more expensive to holders of other currencies.
Copper rallied to a record high of $11,104.50 on Monday as a rally triggered by short covering created momentum for speculators and funds to bet on higher prices of the metal.
The LME contract has risen 26% this year.
However, on the physical market, copper demand is not as strong.
The usual premium that Chinese consumers and traders pay to import copper has switched to zero and even fallen below it since mid-May, the lowest since at least 2012.
Meanwhile, copper stocks in SHFE warehouses have been elevated since February and were at 290,376 tons on Friday, up from 33,130 tons at the beginning of the year.
“While supply issues in copper are real, we believe prices are running ahead of fundamentals… Even signs of subdued demand in China have failed to dampen spirits,” said ANZ analyst Soni Kumari.
“Momentum can take prices higher further, but we expect prices to consolidate or level off at least until we see Chinese demand turning up,” she added.
LME aluminium declined 0.8% to $2,610 a ton, nickel dropped 2% to $21,185, zinc was down 0.4% at $3,103, lead shed 0.4% to $2,331.50 and tin decreased 1.4% to $33,980.
SHFE aluminium fell 0.7% to 20,940 yuan a ton, tin dropped 2.2% to 274,120 yuan, lead dipped 0.4% to 18,750 yuan, while nickel increased 0.5% to 156,820 yuan, and zinc advanced 1.5% to 24,560 yuan.