China's copper imports raise prices

Copper prices have experienced a significant increase due to declining inventories and rising demand in China, the largest consumer of the metal. China’s refined copper imports reached their highest level in nine months in June, with the Yangshan Copper Premium index surging by 133% this year. This comes alongside a drop in copper inventories on the Shanghai Exchange by more than 80% since March, and a 24% decrease in London Metal Exchange stocks since May, reflecting market pressure caused by tight supply and increased demand—particularly after the US imposed import tariffs on copper starting in February. Goldman Sachs analysts expect the copper market to remain constrained in the near term due to anticipated tariff impositions, despite declining inventories and limited scrap alternatives.

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