Copper Stabilizes Above $14,000 as China Demand Cools

Copper prices held above $14,000 a ton as traders reassessed their expectations of the Democratic Republic of the Congo's export ban. Goldman Sachs predicts the ban will have little impact on global supply, as it largely formalizes an existing policy and affects trade flows that had already been shrinking.

New data from China, however, pointed to cooler demand for copper. July imports fell 11.5% from a year earlier to 425,000 tons, while the Yangshan import premium slid to $101 a ton. Inventories on the Shanghai Futures Exchange rose 1.1% to 70,116 tons.

This suggests Chinese buyers are less eager to pull metal in from overseas right now, which can tighten global availability and support London prices. However, if supply fears stay contained, copper time spreads may loosen before the outright price drops.