Copper Prices Rebound on Easing Macro Pressure

Copper prices rebounded in both futures and spot markets on July 27 due to easing macro pressure from Middle East conflicts and a decline in the U.S. dollar index.

The fundamentals of the copper market remained supportive, with firm rigid demand and tight non-U.S. supply contributing to the price increase.

In China, refined copper trading declined on July 27 due to rebounding prices and cautious downstream procurement ahead of the month-end. To promote sales, some holders lowered their prices, resulting in a general decline in spot premiums across major Chinese markets.

Rigid end-user demand supported copper consumption in China, with a notable short-term recovery unlikely despite increasing inventory levels.