On April 21, copper prices declined slightly in futures and spot markets, with the market closely monitoring the U.S.-Iran negotiation and the Fed interest rate decision. Refined copper spot transactions saw a limited increase with market sentiment cautious, while spot premiums declined in China's major markets except for the Guangdong market, due to low local spot inventory.
China's refined copper imports increased while exports decreased in March, according to the GACC. On one hand, recovering downstream production and declining prices boosted China's copper consumption. On the other hand, China's refined copper import ratio was occasionally favorable during March, leading to smooth imported copper arrivals. Looking ahead, despite logistics disruptions due to the Middle East conflicts, China's refined copper imports are expected to grow in April amid import profits and resilient demand.
Trading in China's copper semis markets saw limited changes on April 21, as long-term contracts continued dominating transactions. End-use consumption remained generally strong, with some red copper plate/strip and copper rod producers still holding a relatively large number of undelivered orders, sustaining steady demand for copper.
Moving forward, despite varied macro disruptions, the copper market fundamentals remain supportive for prices, as global demand expectations stay strong but overall copper supply faces threats from tightening sulfuric acid supply and persisting copper concentrate supply tightness.
Don't miss Mysteel's Q2 2026 Copper Market FREE Webinar! Check the link below to learn more, and register to secure your spots:
Q2 2026 Copper: Price Volatility, Raw Material Tightness, and What's Next?
