Copper prices closed higher overnight, with upward pressure remaining today amid macroeconomic disruptions.

Published: Jul 18, 2025 08:44

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Macro side, the US Department of Commerce stated on Thursday that retail sales in June, known as the "terror data," rose 0.6% MoM, rebounding from a sharp decline of 0.9% in May and significantly exceeding market expectations of a 0.1% increase. As the impact of tariffs begins to filter through to consumer prices, US Fed officials have differing views on interest rate cuts. Additionally, Thailand announced that it would exempt 90% of US goods from tariffs, while the EU plans to impose new tariffs on US services and export controls, adding to macroeconomic uncertainty.
Fundamental side, supply side, the mainstream supply of standard-quality copper is tight, with partial supply replenishment for high-quality copper, and SX-EW copper remaining in short supply. Demand side, suppliers continued to quote high premiums during the day, but the SHFE copper futures fell in the morning session, affecting market trading sentiment. Downstream buyers were cautious, with low purchasing enthusiasm. Inventory side, as of Thursday, July 17, SMM's nationwide copper inventories in major regions fell by 4,300 mt from Monday to 143,300 mt, a slight decrease of 400 mt from Thursday last week. Weekly inventories ended a two-week increase and resumed a decline.
Price side, amid bearish factors from the current macroeconomic fundamentals, it is expected that there will still be upward pressur

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