Driven by the boost in international oil prices and tight supply, copper prices rose slightly overnight.

Published: Jul 30, 2025 08:34

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Macro side, Trump exerted greater pressure on Russia over the Ukraine war and expressed optimism that the trade war between the US and its major trading partners was waning, leading to a significant increase in international oil prices, which boosted copper prices. Fundamentally, as the market approached month-end and completed long-term contract deliveries, it largely ceased extensive business operations, resulting in tight supply of goods in circulation. Demand side, the sentiment for intraday transactions was poor, with both purchasing and sales sentiments declining. Price side, as trade agreements between multiple countries and the US are still under negotiation, it is expected that copper prices will fluctuate rangebound before then.

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