Copper Prices See Initial Rise Before Decline Amid Macro Headwinds

Copper prices saw an initial rise and then a decline last week, according to data from SunSirs. As of July 24, the price stood at 105,261.67 RMB/ton, up 0.6% from the beginning of the week and 31.87% year-on-year.

Over the past three months, copper prices fell for three weeks and rose for nine weeks, with last week seeing a slight increase. LME copper inventories declined by 4.69% from the beginning of the week to 281,425 tonnes.

The macroeconomic environment contributed to rising oil prices and inflation concerns, while the probability of a Federal Reserve rate hike increased to 83%. The US Dollar Index climbed to 101.5, and the 10-year US Treasury yield rose to 4.70%.