Copper Pairs Early Gains

2026-07-23 09:21 By Nicole Aliyah 1 min. read

Copper futures eased to around $6.45 per pound on Thursday, retreating from a seven-week high after a strong rally in the previous session, as weak domestic demand and declining global prices weighed on sentiment.

The decline followed a more than 3% jump in the previous session, driven by tighter supply conditions in China after a crackdown on VAT fraud reduced copper scrap availability and boosted demand for refined copper imports.

However, gains faded as traders booked profits and concerns over slower demand growth returned.

In India, copper futures on the MCX declined, with July contracts falling 0.15% and August contracts dropping 0.29% amid subdued demand from domestic consuming industries.

Globally, LME copper slipped 0.37%, while Comex copper also moved lower as the market balanced tightening supply conditions against weaker demand signals.



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Copper Pairs Early Gains
Copper futures eased to around $6.45 per pound on Thursday, retreating from a seven-week high after a strong rally in the previous session, as weak domestic demand and declining global prices weighed on sentiment. The decline followed a more than 3% jump in the previous session, driven by tighter supply conditions in China after a crackdown on VAT fraud reduced copper scrap availability and boosted demand for refined copper imports. However, gains faded as traders booked profits and concerns over slower demand growth returned. In India, copper futures on the MCX declined, with July contracts falling 0.15% and August contracts dropping 0.29% amid subdued demand from domestic consuming industries. Globally, LME copper slipped 0.37%, while Comex copper also moved lower as the market balanced tightening supply conditions against weaker demand signals.
2026-07-23
Copper Climbs Toward Seven-Week High
Copper futures rose toward $6.52 per pound on Thursday, hovering near their highest level in seven weeks, as tightening supply and falling inventories continued to support prices. Copper stockpiles in LME-registered and Shanghai-monitored warehouses have declined sharply in recent months, boosting the Yangshan copper premium, a gauge of China's import demand, to a multi-year high of $115 per ton. Supply was further constrained by smelter maintenance, typhoon-related stockpiling, and limited scrap availability in China, while traders continued shipping metal to the US ahead of a potential tariff on refined copper imports. However, gains were capped as rising oil prices renewed inflation concerns and strengthened expectations for higher interest rates, weighing on the demand outlook for industrial metals.
2026-07-23
Copper Holds Advance on Tight China Supply
Copper futures held above $6.45 per pound on Wednesday after surging more than 3% in the previous session, supported by signs of tightening supply in top consumer China. China’s premium for imported copper climbed to $100 per tonne, the highest level since May last year, as Beijing’s crackdown on VAT fraud reduced scrap availability and increased demand for refined copper imports. Copper inventories across China have also continued to decline, while a series of temporary smelter maintenance outages further tightened supply. Meanwhile, stockpiles in LME warehouses dropped to their lowest level since March as traders withdrew copper for delivery into the Chinese market. By contrast, Comex-tracked copper inventories in the US climbed to a record high as shipments were redirected to the country ahead of potential US import tariffs.
2026-07-22