Copper prices are lower in early Asia trade as investors remain cautious over the outlook for U.S. trade policy and the Fed, says Dongwu Futures analysts in a note. The global copper concentrate market remains tight, with spot treatment and refining charges falling further into negative territory, reflecting intense competition among smelters for raw materials, they say. Macro uncertainty is limiting gains as investors are unsure about the U.S. tariff policy, they add. With resilient fundamentals offset by lingering macro uncertainty, copper prices may remain rangebound in the near term, they say. The three-month LME copper contract is down 0.3% at $13,364.00 a ton.(jiahui.huang@wsj.com; @ivy_jiahuihuang)