China Copper Prices Fluctuate Amid Weak Dollar and Rising Imports

Copper prices in China fluctuated during the reporting period of July 27-31. The weekly average price dropped slightly, but then rebounded.

The US dollar index fell consecutively from mid-week after the Federal Reserve kept interest rates steady for a fifth straight meeting and slower-than-expected growth in US GDP and PCE supported commodity prices denominated in dollars.

Rising copper imports and slowing month-end downstream procurement, however, put downward pressure on copper prices. The retail inventory of refined copper in China rose week over week, further exerting this pressure.