Copper trades lower after hitting a record high earlier in the week, as near-term fundamentals struggle to keep pace with prices, potentially signalling a period of consolidation. Exchange-monitored stockpiles rose by 54 kt on the week to 843.3 kt, the highest level in almost eight years. Increases were seen across all exchanges, led by Shanghai, where inventories rose 33 kt to 213.5 kt, while continued inflows into COMEX lifted stocks to a fresh record high of 488.7 kt.