Bullish and bearish factors in the copper market are intertwined, awaiting clarity. Overnight, LME copper closed lower while SHFE copper rose slightly.

Published: Jul 29, 2025 08:35

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On the macro side, the US-EU trade agreement boosted the US dollar and risk sentiment. Meanwhile, Trump continued to pressure Fed Chairman Powell to lower borrowing costs, but the market generally expected the US Fed to maintain interest rates unchanged, which was bearish for copper prices, and LME copper closed slightly lower. On the supply side, domestic and imported copper arrived over the weekend, and there would still be domestic supply this week. Additionally, suppliers had a need to sell copper for cash at month-end, resulting in an overall loose supply situation. On the demand side, as copper prices fell during the day, downstream procurement sentiment slightly improved. On the inventory side, as of July 28, copper inventories in major regions across China monitored by SMM rose by 6,100 mt from last Thursday to 120,300 mt. Total inventories were 230,900 mt lower than the 351,200 mt in the same period last year, and the overall inventory level remained relatively low. On the price side, the market was currently waiting for news of the US reaching trade agreements with multiple countries, and it was expected that copper prices would fluctuate rangebound before that.

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