Copper Prices Surge Amid US Treasury Bond Buyback Program

Copper prices have been on the rise in futures and spot markets, driven by the U.S. Treasury's expansion of its long-term bond buyback program, which has led to a decline in Treasury yields and boosted market risk appetite.

The U.S. dollar index has also been suppressed, supporting copper prices. Additionally, with a significant rebound in LME copper inventory last week, the risk of a short squeeze has eased.

In China, refined copper trading increased slightly on August 21, but spot premiums dropped across major markets except for Guangdong, where continuous inventory decline supported premiums.

Copper scrap trading also grew amid rising copper prices, although invoice quota issues continued to constrain overall trading volumes.