Copper Prices Drop Amid Rising Warehouse Inventories and Weak China Data

Copper prices fell by 0.76% to ₹1,365.5 as Shanghai Futures Exchange warehouse inventories rose by 1.1%, according to Kedia Advisory. China's July manufacturing activity slowed to a four-month low, and the Politburo signaled reliance on existing policy measures rather than broad-based stimulus.

The Democratic Republic of Congo immediately banned exports of copper and cobalt concentrates, with one-year waivers possible under strategic circumstances. LME copper inventories fell to 226,650 tonnes, while COMEX stocks increased to 720,439 short tons due to tariff uncertainty.

Supply growth remained mixed, with Codelco pausing an expansion project at El Teniente due to seismic risks and Glencore's H1 copper production rising 15% year-on-year to 397,000 tonnes. China's July unwrought copper imports declined 11.5% year-on-year to 425,000 tonnes.