China Copper Market Weakens Ahead of National Day Holiday
The copper market in China is experiencing weak sentiment as the National Day holiday approaches. Copper prices have been fluctuating, with a slight fall in spot markets and a modest rebound in futures markets on September 29.
In the refined copper spot trading, holders continued to actively sell, leading to limited increases in trading volume. Spot premiums dropped across major markets but remained high, suppressing consumption and downstream stockpiling ahead of the holiday.
The market for copper semis also remained weak, with some segments experiencing cautious trading due to elevated raw material prices and slow demand recovery.
With smelters holding little finished product inventory and raw-material shortages worsening, physical tightness is likely to remain a key source of support for copper prices. The post-holiday market in China will be shaped by the tension between tightening supply and increasingly price-sensitive demand.