LME and SHFE Copper Surge in Night Session, Multiple Bullish Factors Fuel Rise in Copper Prices [SMM Copper Morning Comment]

Published: Jul 22, 2026 08:52

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SMM July 22: Overnight, LME copper opened at $13,857/mt, drifted lower in early trading to touch a low of $13,781.5/mt, then the price center moved straight up to hit a high of $13,934/mt, and finally closed at $13,905.5/mt, up 1.91%, with trading volume of 32,700 lots and open interest of 244,000 lots, an increase of 344 lots from the previous trading day, reflecting increased long positions. Overnight, the most-traded SHFE copper 2609 contract opened at 106,130 yuan/mt, dipped to 105,830 yuan/mt in early trading, then the price center climbed all the way to touch a high of 106,760 yuan/mt near the end of the session, and finally closed at 106,600 yuan/mt, up 1.69%, with trading volume of 55,000 lots and open interest of 225,000 lots, an increase of 9,557 lots from the previous trading day, reflecting bulls adding to positions. On the macro front, Trump said he had no intention of meeting with Iran, would fiercely attack Iranian nuclear facilities, and warned the Houthis. Iran has struck a U.S. military base in Bahrain, threatening to hit all U.S. targets in the region. Israeli media reported that the ceasefire proposal was made by Iran, but the Israeli Finance Minister said Israel had no intention of entering the war. On trade, with the 10% temporary tariff expiring, the U.S. hinted that new tariffs would soon take its place, possibly as early as this week. Tariff expectations, coupled with continued destocking and tight supply, pushed copper prices higher. On the fundamentals side, available supply remained tight, with low inventory supporting suppliers in holding prices firm, keeping the market in a tight pattern; the demand side was constrained by the off-season, with downstream purchasing sluggish and weak. Overall, copper prices are expected to continue to drift higher today.

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