A Glance of China Copper Market 20260728

Source: Mysteel Jul 28, 2026 09:21

Copper prices in China rose then fell during the reporting period (July 20-24), with the weekly average moving higher week on week. On the supply side, beyond tight copper concentrate supply, copper scrap shortages intensified the strain on smelter feedstock and spot refined copper. Downstream demand showed some resilience, edging up slightly from the previous week. Fundamentals therefore provided support for copper prices. However, unresolved U.S.-Iran geopolitical tensions pushed up energy prices, fueling expectations of Fed rate hikes and lifting the USD index, which in turn drove the pullback in copper.