A Glance of China Copper Market (Se...

During the 2026 National Day holiday (October 1-7), China's domestic refined copper spot market was closed, with most participants waiting to trade after the post-holiday reopening. Overseas copper prices were broadly range-bound during the holiday, with LME copper fluctuating narrowly between $14,200 and 14,500/tonne. During the holiday, U.S. non-farm payrolls unexpectedly disappointed, but the weak data only briefly triggered a short-term bearish-dollar reaction. A weak euro, rising long-end U.S. Treasury yields, and persistent rate hike expectations drove the USD index higher, weighing on copper prices. Meanwhile, Chile's Escondida copper mine union voted 95% in favor of strike authorization, with the mine's output guidance cut and shutdown risk remaining, potentially exacerbating global copper concentrate supply tightness and offering some support to prices. Amid mixed bullish and bearish factors, overseas copper prices slightly fluctuated.