Copper prices grew in China's futures and spot markets but slightly declined at the LME on July 22, due to mixed macro factors and the strong fundamentals. The Middle East conflicts remained unsettled, and the market continued to closely monitor potential U.S. tariff policies on refined copper, with overall market sentiment cautious. However, disruptions on copper mining and tight non-U.S. copper inventory supported a firm price floor.
China's refined copper spot trading dropped on July 22 due to continuously rising copper prices and weak end-user demand. Spot premiums in China also generally fell across major markets, except for Guangdong, where spot supply stayed notably tight. Copper scrap trading also dropped despite the widening refined-scrap copper price spread, as available scrap remained tight, and downstream processors constrained raw material procurement due to sluggish orders.
Regarding imports and exports, China's refined copper exports increased notably month on month, while imports stayed generally flat. Geopolitical conflicts and copper flowing into the U.S. limited China's imports, while the widened export profits and sluggish domestic demand supported exports.
Trading in China's copper semis markets generally declined on July 22, amid the current demand off-season and fluctuating copper prices. End-use demand growth stayed constrained, while enterprises also stayed cautious amid frequent macro disruptions. 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?
