Copper prices continued dropping in futures and spot markets on June 24, amid cooling macroeconomic sentiment. However, tightness on the supply side and firm demand expectations supported the price floor.
China's refined copper spot trading weakened on June 24 despite falling prices. Some holders continued actively selling to meet half-year-end cash flow needs, widening spot discounts in most major markets. However, as prices fell, some traders became cautious about low-price selling, reducing overall trading volumes.
China's refined copper imports and exports showed a divergent pattern in May 2026. Imports increased both month on month and year on year, supported by intermittent import arbitrage opportunities and the arrival of previously scheduled cargoes. In contrast, exports continued to decline as widespread smelter maintenance and raw material shortages constrained export availability. Moving forward, June's imports are likely to decline due to unfavorable import arbitrage conditions, cargo diversions to the U.S., and logistical uncertainties, while exports are projected to increase modestly as export opportunities improve.
Trading in China's copper semis markets remained generally mediocre on June 24, as market participants stayed cautious amid weak end-user demand and frequently fluctuating copper prices. Apart from a slight increase in copper plate/strip transactions, copper rod, copper tube and copper bar orders remained sluggish, indicating weak off-season consumption.
