On April 15, copper prices continued rising in futures and spot markets, as U.S. President Donald Trump signaled a further easing of tensions in the Middle East. Negotiations between the U.S. and Iran to end the war may restart this week, thereby easing market concerns over inflation and a global economic recession. As a result, the downward pressure from macro factors on copper prices diminished.
April 15 saw copper futures contract rollover in China, coupled with increasing prices, leading to mediocre refined copper transactions. Meanwhile, falling spot copper inventory and generally firm demand supported limited growth in refined copper spot premiums.
Growing copper prices further strengthened copper scrap's price advantage, with rising trading profits resulting in relatively ample supply in China's copper scrap market. Downstream processors using scrap as raw materials cautiously restocked, limiting purchases for rigid needs.
China's copper semis market trading was generally mediocre amid rising prices. However, the widening price spread between refined and scrap copper also highlighted the price advantage of semis produced from secondary copper, with refined copper rod trading falling day on day on April 15 while secondary copper rod trading rising. Overall, downstream copper consumption remained relatively solid, due to ample end-user orders.
Looking ahead, copper prices may remain subject to macro risks, while the fundamentals will continue providing firm support.
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Q2 2026 Copper: Price Volatility, Raw Material Tightness, and What's Next?
