Three-month copper on the London Metal Exchange (LME) edged up 0.02% to $9,323.50 a tonne in official trading after dropping by about 9% in June.
The most-traded August copper contract on the Shanghai Futures Exchange closed 0.7% down at 68,260 yuan ($10,531.84) a tonne for a 0.9% decline over the week.
"I suspect for the next few months we'll consolidate sideways. Maybe that will be the mantra of summer - buy the dips, sell the rallies and then reassess how things are evolving going forward."
Benchmark copper on the London Metal Exchange (LME) reached a record high of $10,747.50 a tonne in May but fell 8.6% last week and touched a low of $9,011 a tonne on Monday.
Three-month copper on the London Metal Exchange fell 0.2% to $9,871 a tonne.
The most-traded July copper contract on the Shanghai Futures Exchange declined 0.8% to 70,920 yuan ($11,106.76) a tonne and was also set for a weekly decline.
Benchmark copper on the London Metal Exchange (LME) was down 0.6% at $9,904.50 a tonne in official trading, off a record high of $10,747.50 reached on May 10.
Chinese Yangshan copper import premiums fell to $26, the lowest in at least 9 years, pointing to weak demand for overseas metal.
"Between now and when Indonesia's new copper smelters commence production, smelters that have been reliant on material from Indonesian mines will need to find alternative concentrate sources."
Benchmark copper on the London Metal Exchange traded up 0.1% at $9,961 a tonne in official rings.
Prices of the metal used widely in the power and construction industries have fallen 7% since hitting a record high at $10,747.50 a tonne earlier this month.
Copper on the London Metal Exchange (LME) was set for its biggest weekly drop since September 2020 after a sizzling rally with near 40% gains since the start of the year to a record peak of $10,747.50 last week.
Three-month LME copper had slid 1.6% to a two-week low of $9,884 a tonne, down 3.5% on the week.
"There's been some buying on the back of a lower dollar and the possibility of a strike at Escondida (copper mine in Chile)," a copper trader said. "But the rally does seem to have to run out of steam."
An overhaul of Chile's market-orientated constitution is underway and the country is debating whether to increase royalties on miners.
Cochilco said that increased speculation in the market was playing a role in bolstering copper, adding: "This could push the price to new highs in the short term."
The commission also predicted that copper production out of Chile would hit close to 5.8 million tonnes this year, a year-on-year increase of 1.8%, but below its previous forecast of just under 6 million tonnes.
Benchmark three-month copper on the London Metal Exchange (LME) shed 2.6% to $10,136 a tonne.
The metal, widely used in the power and construction industries, was on track for its biggest daily fall since February. Last week, copper hit a record of $10,747.50 a tonne and has jumped 32% so far this year.
Benchmark copper on the London Metal Exchange (LME) was up 1.2% at $10,496.50 a tonne in official trading and near last week's record high of $10,747.50.
LME zinc was up 2.4% at $3,085 a tonne after surging to $3,108.50, its highest since June 2018.
Benchmark copper on the London Metal Exchange (LME) was up 0.4% at $10,283.50 a tonne in official trading, close to last Monday's all-time peak of $10,747.50.
Chinese steel prices fell sharply, with buyers put off by higher prices and the government warning it will move against too rapid a rally.
Copper prices have doubled in the last year, fuelled by a rebound in demand from top consumer China and other economies after a COVID-19 induced slump.
Funds have raised their bullish bets on LME and Comex copper, according to estimates by broker Marex and the US Commodity Futures Trading Commission.