Copper prices grew in futures and spot markets on July 21, amid fundamentals and macro disruptions. The recurring Middle East conflicts persisted, and U.S. tariff policies on refined copper stayed uncertain, continuing shaping market sentiment.
Recently, Chile has been affected by winter storms, leaving mining companies including Codelco, Antofagasta, and Anglo American suffering impact on local mine operations and shipments. Further attention should be paid to the impact of adverse weather on local copper supply and transportation, as Chile is a major copper-producing country, and global copper concentrate supply has already been tight.
Spot premiums in China also generally increased, leaving refined copper spot transactions subdued and overall market sentiment cautious. Regarding copper scrap, though rising copper prices widened the refined-scrap copper price spread and boosted spot trading, scrap supply also stayed tight, due to persistent tax policy adjustments in China, falling imports, and robust downstream demand amid concentrate tightness.
Trading in China's copper semis markets generally dropped on July 21, primarily due to rising raw material prices. However, secondary copper rod orders increased as the refined-secondary copper rod price spread widened and boosted secondary rod's price advantage. Overall, end-user consumption of copper has been generally supported by firm rigid demand in China, with notable growth unlikely in the near term.
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H1 2026 Saw Intertwined Contradictions in China's Copper Market - What's Next for H2?
