Overnight the USD Index rose 0.19% to 101.18 and the S&P 500 gained 0.89%, while CNY/USD eased 0.11% to 6.7651. These moves coincided with a 3.62% lift in copper to 6.527 USD/lb and a 4.20% jump in gallium to 288.82 USD/kg, offset by a 4.95% drop in lithium carbonate to 21223.6 CNY/t. Macro stability left price action driven by existing physical positions rather than fresh flows. No Tier 1 mine outages, export bans or demand shocks occurred in the last 12-18 hours. Lingering effects from mid-July storms at Codelco’s El Teniente and Andina operations continue to underpin copper tightness, with northern Chilean output at Escondida unaffected and no new curtailments reported. BHP and Rio Tinto remain most directly exposed via their stakes in Escondida and other Chilean copper assets, while lithium carbonate weakness pressures producers including Ganfeng and Tianqi through domestic contract pricing clustered at 140000-154000 CNY/mt.