Copper prices rebounded in futures and spot markets on July 14, primarily supported by the firm fundamentals and cooling U.S. inflation easing macro pressures. Moving forward, though declining non-U.S. copper inventory and tight copper concentrate supply will continue to support a price floor, macro disruptions may shape short-term copper price fluctuations.
Refined copper spot trading in China continued falling on July 14, with rising prices and the approaching contract rollover suppressing spot transactions. Spot premiums also declined across major markets in China. In contrast, copper scrap trading notably recovered, as rising copper prices widened holders' profits.
Heavy rainfall brought by Typhoon No.9 Bavi from July 13-14 temporarily disrupted copper supply across Northeast China (covering Province Heilongjiang, Jilin, and Liaoning), with logistics interruptions tightening regional spot availability and lifting refined copper premiums, Mysteel's survey showed. However, the overall impact on China's copper market is expected to remain largely regional, as the heavy rainfall is forecast to ease after July 14, allowing local transportation to rapidly recover, and the Northeast China accounts for a relatively small share of total production capacity.
Trading in China's copper semis markets dropped on July 14, as rising prices suppressed downstream procurement sentiment. Regarding end-use sectors, as summer heat sets in, outdoor infrastructure construction has slowed, and demand from traditional sectors such as construction and home appliances remains weak. However, rigid demand from power grid, energy storage, and new energy vehicle sectors may continue to support China's firm copper consumption.
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H1 2026 Saw Intertwined Contradictions in China's Copper Market - What's Next for H2?
