On April 16, copper prices stayed generally stable, with mild increases in futures markets and a slight decline in China's spot market, amid signals of easing macro pressures. Refined copper spot premiums declined in China's major markets, as holders lowered prices to promote sales. Meanwhile, spot transactions saw a limited increase with market sentiment cautious.
China's refined copper spot inventory continued declining this week, despite a slower pace. Some copper smelters have started maintenance, reducing shipments to warehouses, but continuous imported copper arrivals helped moderate the inventory decrease. Additionally, copper prices saw strong increases early this week, constraining downstream spot procurement and inventory declines.
The copper scrap market also remained steady, with market participants focusing on delivery and shipments. Meanwhile, copper concentrate TCs stayed at extremely low levels, indicating tight raw material supply and persisting support for copper prices.
Trading in China's copper semis markets experienced an increase on April 16, as rigid demand was released amid falling prices and easing macro pressures. Long-term demand from major end-use sectors such as the power grid, new energy vehicles, photovoltaic power system, and home appliances remained solid, expected to sustain relatively strong copper consumption in China.
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Q2 2026 Copper: Price Volatility, Raw Material Tightness, and What's Next?
