On April 24, copper prices slightly declined in China, amid persisting uncertainties around the Middle East conflict. Despite the price decrease and the upcoming weekend driving downstream stockpiling demand, China's refined copper trading fell on April 24. With the month-end approaching, enterprises faced tightening liquidity and limited availability of current-month invoices, leading some traders to reduce activity, especially in Shanghai. Some refined copper eligible for current-month invoicing saw higher premiums, which in turn affected overall market transactions.
The clean copper concentrate spot treatment charges (TCs) stood at -$82.73/dmt in the week ending April 24, dropping further from the extremely low level and indicating persistently tight supply. Meanwhile, Chinese smelters may enter concentrated maintenance in the second quarter, constraining refined copper supply. Consequently, the supply side will remain supportive for copper prices.
Trading in China's copper semis markets stayed relatively mediocre on April 24, as month-end tightening liquidity and high prices limited actual transactions. Copper consumption in China may stay supported by rigid downstream and end-user demand amid volatile prices.
Looking ahead, close attention should be paid to developments of the Middle East Conflict, sulfuric acid prices and the impact on refined copper production, as well as downstream stockpiling in China before the Labor Day holiday (May 1-5).
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Q2 2026 Copper: Price Volatility, Raw Material Tightness, and What's Next?
