Spot copper surged sharply on July 10, 2026, with Yangtze spot #1 copper jumping 1,460 yuan/ton, marking the largest single-day gain in nearly two months. Domestic SHFE copper futures led the rally with even steeper increases, while LME copper also moved higher. Aluminum posted a mild gain in tandem, presenting a clear pattern of broad-based synchronized rally, with copper leading the upward momentum across both domestic and overseas markets.
Latest Data:
Yangtze #1 Copper: RMB 104,290/ton, +1,460
Bare Copper Wire (Oxygen-Free, Hard): RMB 105,450/ton, +1,460
Enameled Wire: RMB 109,560/ton, +1,460
Yangtze A00 Aluminum: RMB 23,120/ton, +160
Guangdong #1 Copper: RMB 104,130/ton, +1,470
Guangdong A00 Aluminum: RMB 23,150/ton, +150
LME Copper: USD 13,529/ton, +39
SHFE 2608 Contract: RMB 104,010/ton, +1,710
SHFE 2609 Main Contract: RMB 104,000/ton, +1,650
Market View:
Domestic base metals staged a strong breakout rally on July 10, driven by escalating pro-growth policy expectations and tightening spot fundamentals. Spot copper surged over 1,400 yuan/ton to break through the 104,000 yuan/ton threshold decisively, extending its rebound from the late-June low. SHFE copper futures outperformed the spot market, with the 2608 contract surging 1,710 yuan/ton and the 2609 main contract rising 1,650 yuan/ton, fueled by massive capital inflows and strengthening bullish sentiment. Overseas, LME copper edged up 39 dollars/ton, supported by a softer US dollar and lingering global supply tightness. Aluminum tracked the broader rally but with limited gains, constrained by still-ample domestic supply. The market has now entered a strong rebound phase driven by policy optimism and inventory drawdowns, with market sentiment shifting notably from cautious to bullish.
Industry Note:
Copper price volatility has picked up sharply, with the single-day gain exceeding 1,400 yuan/ton as bullish momentum builds. Tightening spot liquidity and sustained inventory drawdowns have lent solid support to spot prices, while downstream buying interest has picked up notably amid "buy-on-rise" sentiment, with cable and wire manufacturers accelerating rigid-demand replenishment. However, end-users remain cautious about chasing prices at high levels, and large-scale stockpiling is still absent. Aluminum's rebound is relatively modest, as high inventories and soft seasonal demand continue to cap upside. Vigilance is required against short-term profit-taking pullbacks after the sharp rally, as the sustainability of the uptrend still hinges on actual demand recovery and policy implementation.
Chatnow Insight:
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