Copper prices continued slightly increasing on October 28. The Federal Reserve kept the target range for the federal funds rate unchanged at 3.75%-4.00%, in line with market expectations. Combined with copper raw material supply remaining persistently tight and steady demand from essential needs providing support, copper prices rebounded.
China's refined copper spot trading declined on October 28, while spot premiums generally rose across major markets. Elevated premiums suppressed downstream procurement, and available refined copper supply remained limited, together suppressing transactions. Scrap trading also declined, with tax-compliant supply tight and downstream processors mainly purchasing based on rigid production needs.
Regarding the mining sector, Peru's Antamina copper mine has suspended operations after a worker died in an accident on October 27, local time. The resumption timetable was uncertain, further adding to global supply concerns. Antamina produced 381,800 tonnes of copper in 2025, falling year on year, with 2026's output initially expected to recover.
Trading in China's copper semis markets declined further on October 28, with high raw material prices leading to market caution, and transactions were mainly based on long-term orders. Refined copper rod orders dropped amid limited downstream acceptance of high prices, while secondary rod orders also declined despite a widening price advantage, mainly due to raw material issues. Copper plate/strip and copper tube markets continued seeing procurement based on rigid demand, while copper bar trading was mainly supported by orders in small batches.
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