Copper prices continued increasing in China's futures and spot markets on August 7, while despite a slight decline at the LME, the overall price level remained elevated, primarily supported by easing macro disruptions and constrained refined copper inventory at non-U.S. regions.
Mysteel's clean copper concentrate spot treatment charge (TC) index stood at -$172.92/dmt as of August 7, continuing falling week on week, with the Democratic Republic of Congo (DRC)'s reaffirmation on concentrate exports control worsening supply tightness expectations. Specifically, China's copper concentrate imports during January to July 2026 declined by 1.8% year on year, according to the General Administration of Customs of China (GACC), indicating the persistently tight raw material side.
China's refined copper trading slightly increased on August 7, with spot premiums falling across major markets and downstream stockpiling before the weekend supporting transactions. Copper scrap trading, however, dropped despite rising prices, as tight scrap availability and downstream processors' weak demand suppressing transactions.
Trading in China's copper semis markets stayed generally mediocre on August 7, due to high raw material prices and the current demand off-season. Regarding end-use sectors, demand from the power grid, new energy, and high-end equipment sectors continued to provide support, keeping total copper demand resilient. However, traditional processing demand remained weak, resulting in notably diverging copper consumption structure in China.
