Copper Prices in China Rise Amid Weak U.S. Labor Data and DRC Export Ban

Copper prices in China experienced fluctuations and increases during the reporting period of August 3-7. The weak U.S. labor data led to decreased rate-hike expectations, which kept the USD index low and supported copper prices. Additionally, U.S.-Iran talks brokered by Oman could result in a framework for transit through the Strait of Hormuz, potentially leading to lower energy prices and allowing risk assets to extend their recovery.

Meanwhile, the Democratic Republic of the Congo (DRC) imposed a copper concentrate export ban, fueling concerns over raw material supply and further lifting copper prices. As a result, copper prices rose week on week last week.