Chinese Refined Copper Prices Soar Amid Consumption Recovery

China's refined copper spot premiums surged last week due to improving consumption and lower copper prices. Refined copper trading volumes rebounded after futures deliveries concluded, driven by downstream purchasing interest.

The spot supply saw limited improvement, with domestic smelter shipments and imported copper arrivals remaining low. Warehouse receipts were released after the completion of futures deliveries, but overall spot supply remained relatively tight.

Spot premiums are expected to remain high in the near term, supported by limited spot availability and improving consumption. However, as month-end approaches and copper prices remain elevated, downstream raw material purchasing interest may be capped, limiting the upside for spot premiums.