On April 14, copper prices significantly grew in futures and spot markets, once again standing above Yuan 10,000/tonne in China, primarily due to expectations of easing conflicts in the Middle East supporting risk appetite and dampening the U.S. dollar index.
Surging prices and the tightening supply around futures contract rollover hindered refined copper trading in China, which saw a day-on-day decrease on April 14. Meanwhile, spot premiums generally stayed stable in major Chinese markets, amid overall cautious sentiment.
The refined-scrap copper price spread widened on April 14, resulting in growing transactions in China's copper scrap market. However, high prices still constrained related downstream processors' raw material procurement.
China's copper semis market trading turned quiet under rising copper prices on April 14. Spot transactions contracted, and long-term contracts generally dominated the market, as end-users stayed cautious amid frequently fluctuating raw material prices.
Moving forward, steady copper consumption based on rigid demand and Chinese smelters' maintenance schedules are expected to provide fundamental support for prices. Meanwhile, close attention is also needed on macro disruptions that may cause quick copper price fluctuations.
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Q2 2026 Copper: Price Volatility, Raw Material Tightness, and What's Next?
