US-Iran Conflict De-escalates in Phases, Geopolitical Uncertainty Still Roils Copper Prices [SMM Copper Morning Comment]

Published: Jul 27, 2026 08:57

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SMM July 27 news: Last Friday evening, LME copper opened at $13,638.5/mt, consolidated at lows in early trading before its center rose, then touched a high of $13,681.5/mt. Subsequently, the price center drifted lower, dipping to $13,605.5/mt near the session’s end, and finally settled at $13,611.5/mt, up 0.34%. Trading volume reached 12,600 lots and open interest stood at 248,000 lots, an increase of 728 lots from the previous trading day, reflecting long additions. Last Friday evening, the most-traded SHFE copper 2609 contract opened at 104,600 yuan/mt, dipped to 104,540 yuan/mt early in the session, then its center rose to touch a high of 104,310 yuan/mt, before drifting lower to settle at 104,630 yuan/mt, down 0.1%. Trading volume reached 25,000 lots and open interest stood at 207,000 lots, a decrease of 34.81 million lots from the previous trading day, reflecting long liquidations. On the macro front, tensions between the US and Iran briefly eased as the US called off airstrikes against Iran, and Iran suspended reciprocal retaliation. The market continued to monitor the latest developments in the US-Iran conflict, with geopolitical uncertainty keeping copper prices in a narrow consolidation. In addition, LME inventories continued to decline and inventories outside the US tightened, providing support for the bottom of copper prices. On the fundamentals side, supply remained tight with scarce low-priced spot cargo and limited availability; the demand side saw a marginal recovery in end-user purchasing sentiment due to the phased pullback in copper prices. Overall, copper prices are expected to maintain a narrow, consolidative drift higher today.

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