This article first appeared on GuruFocus.

Copper's rally just hit a moment of hesitation, and the timing could be telling. After spending most of the week grinding higher, both copper and aluminum softened as China's October data came in weaker than hoped. Industrial production slowed, investment slumped, and consumption stayed muted a combination that could be hinting at cooler demand from the world's dominant metals buyer.

Warning! GuruFocus has detected 4 Warning Sign with AMZN.

Is FCX fairly valued? Test your thesis with our free DCF calculator.

Even so, copper is still on pace for a weekly gain of about 1%, extending a year marked by supply squeezes and shifting trade flows tied to potential US tariffs on refined copper. Investors also got a modest supply-side breather as Freeport-McMoRan (NYSE:FCX) restarted parts of its Grasberg mine in Indonesia, which had been halted since September after a deadly accident. Aluminum is holding slightly higher for the week, supported by concerns that Chinese smelters are nearing a government capacity ceiling that could limit additional production.

By mid-morning in London, copper dipped 0.8% to $10,865 a ton, while aluminum slipped 1.5% to $2,854.50 a ton. China's aluminum output fell to 3.8 million tons in October, down 9% from September, adding another layer of uncertainty to a market trying to weigh softer Chinese activity against constrained supply. For investors, this could be the setup for a stretch where even small shifts in data or production ripple quickly through the metals trade.