Copper prices continued increasing in futures markets on September 7, with LME copper briefly hitting $14,533/tonne during the session, surpassing the previous historical high set in January of this year. This was primarily driven by persistent uncertainty over U.S. tariff expectations. The COMEX-LME spread has remained elevated consequently, and the market continued to ship copper to the U.S. ahead of potential tariff implementation, resulting in tighter supply in non-U.S. regions and supported prices. Meanwhile, as China's spot premiums dropped across major markets due to sluggish demand under high prices, refined copper spot prices declined slightly in China.
China's refined copper spot trading decreased on September 7, suppressed by high prices and a wide back structure in nearby futures contracts. In contrast, copper scrap trading rose, though available scrap stayed limited due to invoice quota constraints.
Refined copper spot inventory in China continued falling as of September 7, hitting a new year-low. Imported copper inflows stayed low due to port congestion and persistent import losses, while Chinese smelters' shipments to warehouses also remained limited with output growth slowing, together with downstream procurement based on rigid demand, leading to the continuous inventory decline.
Trading in China's copper semis markets varied but remained generally mediocre on September 7. Refined copper rod transactions remained limited amid high prices, while secondary copper rod trading was decent in Henan where scrap availability was relatively moderate. Trading in the copper plate/strip market saw limited change, while the copper tube market grew more cautious, with shipments largely reliant on long-term contracts. Copper bar manufacturers remained cautious in raw material stockpiling and reported only moderate order intake.
