Copper Prices Rally as China Demand Ticks Upwards

Copper prices advanced at the start of this week as improving demand from China, coupled with tightening global inventories, fueled renewed buying interest in the industrial metal. The benchmark copper contract on the London Metal Exchange climbed to $13,633 per metric ton. 

Market sentiment was lifted after data showed China’s refined copper imports reached a nine-month high last month, highlighting stronger consumption in the world’s largest copper market. Higher imports were also supported by reduced domestic output as several smelters underwent maintenance. 

The East Asian country’s appetite for imported copper has strengthened significantly, with the Yangshan copper premium rising to $100 per ton last week, its highest level in 14 months, according to Shanghai Metals Market. The premium has surged 133% since the start of the year, underscoring robust import demand. 

Domestic inventories have continued to tighten. Copper stocks held in warehouses monitored by the Shanghai Futures Exchange dropped to 79,909 tons, the lowest level since August 2025 and more than 80% below mid-March levels. 

Supplies in LME-approved warehouses have also declined, falling 24% since the end of May to 295,275 tons. Meanwhile, cancelled warrants account for over 55% of total inventories, indicating that approximately 166,000 tons are expected to leave the exchange. 

A significant share of the copper withdrawn from LME warehouses since February last year has been redirected to America following expectations of potential import tariffs first proposed by U.S. President Donald Trump. Analysts at Goldman Sachs expect copper supplies outside the U.S. to remain constrained in the near term. 

They noted that continued shipments to the U.S., driven by tariff expectations, are reducing availability in an already tight international market, while low inventories in China and limited availability of scrap copper are helping support prices. 

Concerns over limited immediate supply have also kept the LME copper market in backwardation, with near-term contracts trading at a premium to longer-dated futures. 

Elsewhere in the base metals market, tin declined by 0.3% to $53,050, zinc edged down 0.2% to $3,518, aluminum slipped 0.4% to $3,137 per ton, lead eased 0.1% to $1,880, and nickel fell 0.2% to $16,920 per ton. 

Overall, the combination of stronger Chinese import demand, shrinking inventories across key exchanges, and expectations of continued supply tightness is providing solid support for copper prices. While uncertainty surrounding U.S. trade policy continues to influence global metal flows, the current market dynamics suggest copper is likely to remain well supported in the near term, particularly if demand from China stays resilient and supply constraints persist. 

Currently, the copper market is looking up, and exploration firms like Numa Numa Resources Inc. will be seeking to capitalize on these favorable conditions to attract additional investments to ramp up their operations. 

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