Copper prices continued rising in China's futures and spot markets on July 15, but slightly dropped at the LME, amid mixed macro factors and the firm fundamentals. U.S. inflation cooled more than expected, leading to expectations that the Federal Reserve will slow rate increases with the U.S. dollar index retreating accordingly. However, escalating U.S.-Iran conflicts continued to weigh on market risk appetite.
Refined copper spot trading in China continued falling on July 15, as the contract rollover and rising prices suppressed transactions. Meanwhile, refined copper spot supply in China has been tightening, due to limited smelter shipments amid concentrated maintenance, constrained import arrivals, and relatively firm demand.
Though copper scrap transactions notably increased as rising copper prices widened the refined-scrap copper price spread and boosted holders' profits on July 15, overall supply stayed tight. The impact of tax policy adjustments persisted, with China's copper scrap imports declining recently, together worsening downstream processors' raw material procurement.
Trading in China's copper semis markets also dropped on July 15, with mediocre end-use demand and elevated raw material prices dampening downstream procurement. In terms of end-use segments, while traditional sectors such as air conditioning and real estate show mediocre performance, copper demand in the power grid sector remains robust, and high-end demand from new energy and electronics sectors stays strong. Together with supportive policies in China, firm demand expectations provide resilient support for copper prices.
Don't miss Mysteel's H1 2026 Copper Market FREE Webinar! Check the link below to learn more, and register to secure your spots:
H1 2026 Saw Intertwined Contradictions in China's Copper Market - What's Next for H2?
