Copper traded near $6.30 a pound on Tuesday, down almost 8% from its early August record after posting its first losing week since June. Economist Steve Hanke urged followers to stay long on copper six days ago, citing shrinking mine supply, according to BeInCrypto, while International Copper Study Group data showed global mine output fell 1.1% in the first half of 2026. Freeport-McMoRan’s Grasberg mine remains at roughly half capacity, Chile cut its forecast again, and AI data centers are adding demand.