On April 27, copper prices slightly declined in futures markets, while saw a limited increase in China's spot market. The impact of macro disruptions on copper prices has begun to diminish, with price volatility narrowing recently.
Refined copper trading in China declined on April 27, staying constrained by tight current-month invoices and elevated prices. However, transactions are expected to increase later this week as downstream may stockpile raw materials for the upcoming Labor Day Holiday (May 1-5).
China' refined copper spot inventory continued falling as of April 27, due to limited smelter shipments and downstream procurement based on rigid demand, despite rising prices. Copper inventory at China's bonded warehouses also continued dropping, as imported copper arrivals remained limited and custom clearance into domestic markets persisted.
Copper semis transactions in China also stayed relatively weak on April 27, with caution persisting. End-user pre-holiday stockpiling sentiment was mediocre, resulting in limited new orders for copper semis producers and thus dampening their raw material procurement and consumption.
Looking ahead, the fundamentals have started to dominate copper price trends in China recently, with the upcoming holiday and Chinese smelters operation adjustments needing close attention.
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Q2 2026 Copper: Price Volatility, Raw Material Tightness, and What's Next?
