Copper Prices Rise in Futures Markets Amid Recovering Supply
Copper prices continued to rise in futures markets on August 3, but fell slightly in China's spot market as premiums decreased across major markets. This trend was attributed to mediocre downstream consumption and a slight recovery in supply.
Refined copper trading in China saw an increase on August 3, with traders' activity improving at the beginning of the month. Copper scrap trading also recovered due to a wide refined-scrap copper price spread, although scrap processors limited their raw material procurement to rigid needs only.
The refined copper retail inventory in China continued to rise as of August 3, primarily due to increased import arrivals and ending smelter maintenance. However, the inventory stayed at relatively low levels compared to previous years, supporting a firm floor for copper prices.