A Glance of China Copper Market 20260714

Copper prices in China fluctuated and increased during the reporting period (July 6-10). As the U.S. dollar index fluctuated at relatively low levels, the bearish macro influence on copper prices weakened. On the fundamental side, alongside low deliveries from domestic smelters due to maintenance, severe weather kept imported copper arrivals relatively limited, tightening spot supply last week. Additionally, downstream consumption remained relatively resilient, with enterprises turning more active in purchasing when copper prices dipped during the week, driving total spot trading volumes higher week on week. With supply tightening and demand picking up slightly, China's refined copper inventory fell sharply last week, pushing spot premiums to a new high for the year.