Copper prices dropped in futures and spot markets on July 17, as escalating Middle East conflicts triggered inflation concerns and weighed on market risk appetite. However, non-U.S. refined copper inventory stayed tight, with long-term demand expectations staying strong, together supporting the price floor.
Refined copper spot trading in China rebounded on July 17, due to falling prices and downstream stockpiling before the weekend. Spot premiums stayed at elevated levels across major markets in China, as refined copper spot supply remained tight amid smelter maintenance and limited import arrivals.
Mysteel's clean copper concentrate spot treatment charge (TC) index stood at -$141.5/dmt as of July 17, falling further to historically low levels under persistent supply tightness and robust smelting demand. Meanwhile, copper scrap supply was also tight in China amid ongoing tax policy adjustments and falling imports, constraining copper anode output and limiting copper smelters' feedstock availability. Together the raw material side supported a solid floor for copper prices.
Trading in China's copper semis markets varied on July 16. While refined copper rod orders rebounded as prices dropped, other copper semis markets saw weak orders due to sluggish end-use demand amid China's demand off-season. Moving forward, short-term copper consumption in China is expected to remain dominated by rigid demand.
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H1 2026 Saw Intertwined Contradictions in China's Copper Market - What's Next for H2?
