WEEKLY: Copper markets present pre-tariff volatility and strategic positioning

Copper prices initially rose before retreating over July 21-25, with weekly average prices edging up but underperforming broader commodity rallies due to caution ahead of tariff policies. Despite supportive sentiment, near-term copper prices face constrained upside from the absence of substantial demand acceleration and tariff implementation uncertainties.

Mysteel's China refined copper average spot price rebounded by 1.77% or Yuan 1,384/tonne week on week to Yuan 79,519/tonne last week. The LME three-month (3M) average settlement price rose by 2.49% or $240/tonne to $9,879/tonne. The COMEX copper main contract average settlement price maintained its upward trend and increased