Copper prices continued increasing in futures and spot markets on August 6, with LME prices nearing the record seen in January 2026, as the Democratic Republic of Congo (DRC) has reportedly reconfirmed and tightened copper concentrate export measures, which triggered market sentiment on further tightening raw material supply and boosted prices.
On August 6, it was reported that the DRC government had signed a joint ministerial order on June 29, banning the export of copper concentrates and cobalt concentrates effective immediately from the date of signing. However, it is understood that the DRC had already implemented relatively strict approval management for copper concentrate exports. Therefore, this policy is more of a reiteration and tightening of existing export management measures, and may primarily change the export form of copper products rather than notably tightening volumes. However, if smelting capacity, power supply, and logistics infrastructure fail to improve, it could still lead to an accumulation of concentrate inventory and delays in copper product exports.
Under continuously rising prices, China's refined copper trading decreased on August 6, with spot premiums falling across major markets amid weak consumption. Refined copper inventory slightly increased as of August 6, due to increased imports and sluggish demand, while Chinese smelters' shipments stayed constrained. However, overall inventory remained at relatively low levels in recent years, supporting a price floor.
Trading in China's copper semis markets stayed generally weak on August 6 amid elevated prices, with finished product inventory at producers increasing and raw material procurement cautious, showing notable off-season feature.
