Copper Prices Plummet Amid Macro Pressures and US-Iran Tensions

Copper prices continued to fall on September 28 due to rising expectations of another interest rate hike by the Federal Reserve this year, as well as ongoing conflicts between the U.S. and Iran.

The persistent macro pressures led to a decline in copper prices in futures and spot markets. China's refined copper spot trading increased on September 28, with some holders showing increased willingness to sell, causing spot premiums to generally decline across major markets.

Downstream enterprises continued stockpiling ahead of China's National Day holiday (October 1-7), leading to an overall increase in transaction volumes. However, scrap trading declined due to limited available compliant copper scrap and cautious market sentiment.