Copper Prices Rebound Amid Easing Macro Pressures
Copper prices rebounded slightly on July 31 due to easing macro pressures and firm fundamentals. The slowing U.S. inflation suppressed the U.S. dollar index, weakening pressures on commodity prices. Tight refined copper supply at non-U.S. regions also supported copper prices.
China's refined copper trading increased on July 31, with spot premiums generally weakening across major markets in China. Some downstream enterprises replenished raw materials despite elevated prices and the month-end tightening liquidity, leading to slightly increasing spot trading.
The Mysteel clean copper concentrate spot treatment charge (TC) index stood at -$159.67/dmt as of July 31, continuing falling week on week due to robust demand in the near term. Copper scrap supply also stayed tight, with ongoing tax policy adjustments limiting available spot sources in China.