On April 22, copper prices increased in futures markets but slightly declined in China's spot market. Although uncertainties in the Middle East conflicts persisted, U.S. President Donald Trump has signaled the potential restart of negotiation between the U.S. and Iran, lifting macro sentiment and supporting copper prices.
Spot premiums in Shanghai continued falling due to limited procurement amid fluctuating prices on April 22, while Guangdong's premiums kept rising as local supply stayed tight. China's refined copper spot premiums saw wider spread between markets, making traders reluctant to sell at low prices. Some may subsequently transfer refined copper from the Shanghai market to the Guangdong market, which could limit short-term trading and lead to changes in premiums. Refined copper spot transactions decreased on April 22, with traders withholding sales and downstream enterprises purchasing based on rigid needs.
Trading in China's copper semis markets stayed relatively weak on April 22. New orders from end-users were limited due to volatile prices, with refined copper rod inventory beginning to accumulate at some producers. However, rising copper prices led to a widening refined-secondary copper rod price spread, slightly boosting secondary copper rod trading. Overall, downstream and end-user copper consumption remained supported by rigid demand.
Looking ahead, close attention is needed on the U.S.-Iran negotiation and the Fed interest rate decision, as well as potential disruptions to refined copper production caused by surging sulfuric acid prices.
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Q2 2026 Copper: Price Volatility, Raw Material Tightness, and What's Next?
