Copper prices dropped in China's futures and spot markets while slightly increased at the LME on July 13. Recently, macroeconomic disruptions resurfaced, with recurring U.S.-Iran tensions in the Middle East weighing on market risk appetite and reigniting inflation concerns, thereby putting pressure on copper prices. However, fundamental support remained intact, keeping prices fluctuating at elevated levels.
Refined copper spot trading in China continued dropping on July 13 despite falling copper prices. Holders in most major markets generally supported spot premiums except for Guangdong. With the approaching contract rollover, the near-month back structure spread widened noticeably and spot supply further tightened, also constraining transactions.
China's refined copper retail inventory continued notably dropping as of July 13. Imported copper arrivals have been delayed due to the impact of typhoon, while refined copper shipments from domestic smelters stayed limited amid concentrated maintenance, together tightening warehouse inflows. Meanwhile, with downstream enterprises purchasing at low prices, warehouse outflows remained relatively high, leading to continued inventory declines.
Trading in China's copper semis markets remained generally mediocre on July 13. Though refined copper rod and copper plate/strip orders slightly increased amid falling raw material prices, other copper semis saw weak trading due to limited actual end-use demand. China's copper consumption will remain supported by rigid demand in the short term.
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