Copper prices continued slightly falling in futures and spot markets on July 8, amid re-emerged geopolitical conflicts in the Middle East and uncertainty concerning U.S. import tariffs on refined copper. Moving forward, macro sentiment may continue shaping short-term price trends, with the market fundamentals staying supportive.
Refined copper spot trading in China dropped on July 8, with spot premiums keeping growing across major markets. Limited refined copper supply led holders to firmly support prices, but downstream enterprises were reluctant to procure at high prices, resulting in weak transactions.
Regarding China's refined copper output, June's production fell both month on month and year on year due to concentrated smelter maintenance, as well as tight copper concentrate and copper scrap supply. Moving forward, July's output is expected to stay relatively mediocre, as the impact of raw material supply tightness will begin to materialize.
Trading in China's copper semis markets remained generally weak on July 8, as off-season demand and market caution under elevated raw material prices suppressed overall spot transactions. However, long-term demand may remain firm, supported by stable growth in copper consumption from power grid, energy transition, and other emerging sectors.
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