Market diagnosis: Copper is consolidating after the Section 232 tariff recommendation deadline passed without a decision, removing the June 30 binary catalyst. LME cash at $13,298.5/mt reflects a market transitioning from tariff-driven positioning back to fundamentals: structural supply constraints (Chile -12.9% YoY May output, Codelco decline, negative TC/RCs at -$126.80/t) versus balanced demand growth expectations. The ICSG April deficit of 145,000 mt confirms the market has flipped from surplus. Goldman Sachs targets $13,735/t year-end. The post-tariff ambiguity favors a DEFENSIVE posture — adequate coverage built but avoid extending duration into the Q3 uncertainty window.