Copper prices rebounded in futures and spot markets on July 27, partly due to less macro pressure as Middle East conflicts showed signs of easing and the U.S. dollar index dropped. Meanwhile, the copper market fundamentals stayed supportive on firm rigid demand and tight non-U.S. supply.
China's refined copper trading declined on July 27, primarily caused by rebounding prices and cautious downstream procurement approaching the month-end. To promote sales, some holders actively lowered prices, leading spot premiums to generally decline across major markets in China, though the overall premium level remained elevated amid tight spot refined copper supply.
Refined copper retail inventory in China slightly increased as of July 27. Though Chinese smelters' shipments remained constrained, recent imported copper arrivals increased, coupled with limited downstream procurement amid high prices and demand off-season, resulting in increasing inventory. However, the current inventory level stayed low, providing support for copper prices.
Trading in China's copper semis markets generally dropped on July 27, as rising raw material prices led to downstream caution. Meanwhile, raw material copper scrap availability also constrained production at some producers, further limiting orders. Overall, copper consumption in China was mainly supported by rigid end-user demand, with a notable recovery in the short term unlikely.
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