On April 13, copper prices increased further in futures and spot markets, supported by the fundamentals. Refined copper trading in China declined amid rising prices, while spot premiums generally rose in major Chinese markets as the approaching contract rollover would tighten spot supply.
China's refined copper spot inventory declined week on week, due to limited smelter shipments amid concentrated maintenance, insufficient imported refined copper arrivals, as well as rigid demand from downstream enterprises. The continuous decrease in China's copper inventory partially eased high global inventory pressure, strengthening fundamental support for copper prices.
The refined-scrap copper price spread slightly narrowed on April 13, leading some scrap traders to actively sell in fear of future price declines. Consequently, copper scrap supply slightly increased, but high prices still constrained processors' raw material procurement.
Downstream copper semis markets saw mildly growing spot trading due to end-users' raw material restocking after the weekend. Frequently fluctuating raw material prices and concerns over global economy growth led end-users to remain cautious and rely mainly on long-term contracts, resulting in generally steady copper consumption based on rigid demand.
In the short term, close attention is needed on macro disruptions that may cause quick fluctuations in copper prices, despite an overall supportive fundamentals.
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Q2 2026 Copper: Price Volatility, Raw Material Tightness, and What's Next?
