Copper prices dropped slightly at the LME, while increased in China's futures and spot markets on October 19, as market sentiment fluctuated amid recent macro and fundamental disruptions. Though easing mine supply concerns slightly suppressed prices, refined copper inventory in China stayed relatively low, and macro factors such as the U.S. tariff policy and Fed interest rate decisions remained uncertain.
China's refined copper spot trading dropped on October 19, amid rising prices and limited available supply. Scrap trading also declined, as upstream holders were cautious about following price decreases, limiting purchases and sales, while downstream processors continued procuring based on rigid demand.
Refined copper retail inventory in China saw an overall downward trend as of October 19, mainly due to decreases at the Shanghai market. Arrivals from domestic smelters and imports were limited, combined with rising downstream consumption after the futures contract rollover, refined copper inventory in Shanghai notably declined.
Trading in China's copper semis markets dropped on October 19, with rising raw material prices dampening consumption recovery. Refined copper rod orders were dominated by long-term contracts, as spot orders were limited by high prices, while secondary copper rod supply and demand both stayed weak due to raw material issues. Copper foil orders remained robust on strong demand from new energy sectors, while copper plate/strip, copper tube, and copper bar orders stayed mediocre under slow demand recovery and downstream reluctance to accept elevated prices.
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