Copper Market Update

Advisory Bazaar Info Services

Today, the most-traded BC Copper 2508 contract opened at 69,410 yuan/mt and closed in the red. The lower Bollinger Band provided support at the bottom.

During the night session, BC Copper initially moved downward, hitting an intraday low of 69,370 yuan/mt. Later, the price center gradually shifted upward, reaching a session high of 69,870 yuan/mt and finally closing at 69,810 yuan/mt — marking a 0.47% decline.

Open interest stood at 4,464 lots, down 80 lots from the previous trading day, while total trading volume reached 7,844 lots.

Once again, President Trump reiterated via social media that he remains firm on the plan to impose a 50% tariff on imported copper starting August 1, 2025. This policy could result in looser copper supply outside the U.S., thereby exerting downward pressure on global copper prices.

Meanwhile, minutes from the U.S. Federal Reserve’s June meeting revealed internal disagreements among officials regarding the inflationary effects of the tariffs. This has ruled out the possibility of a rate cut in July. The ongoing policy uncertainty has further weakened investor risk appetite, negatively impacting copper prices.

From a fundamental perspective, according to SMM data as of Thursday, July 10, copper inventory across major regions in China rose by 800 tons compared to Monday, reaching 1.4437 million tons — up 11,900 tons from the previous Thursday.

In addition, the market is entering the off-season, leading to weakening downstream demand, which is also hindering upward momentum in prices.

📉 The SHFE Copper 2508 contract closed at 78,600 yuan/mt today, while the BC Copper 2508 contract closed at 69,810 yuan/mt. After tax adjustment, this translates to an estimated price of 78,885 yuan/mt.

🔀 The price difference between the SHFE and BC contracts stood at -285 yuan — still in an inverted state, though the spread has slightly narrowed compared to yesterday.