Copper Prices Tumble Amid Macro Pressures

Copper prices continued their downward trend in both futures and spot markets on September 14 due to bearish macro factors. Escalating Middle East conflicts, uncertainty over U.S. tariffs on imported refined copper, and growing expectations of higher Fed interest rates all contributed to the decline.

China's refined copper spot trading saw a drop, with spot premiums across major markets falling significantly due to subdued demand. Despite the continuous decline in copper prices, downstream procurement remained sluggish, likely due to the approaching contract rollover and the wide nearby backwardation spread in futures markets.

Rigid demand from downstream scrap processors led them to flexibly adjust their raw material purchase volumes based on finished product orders. Meanwhile, upstream scrap holders showed a weak willingness to sell, prioritizing the delivery of existing orders over restocking.