Spot copper retreated sharply on July 13, 2026, erasing most of the gains from the prior session's rally. Domestic spot and futures fell in lockstep, while LME copper tumbled nearly 100 dollars/ton overnight. Aluminum tracked lower across both regions, presenting a clear pattern of synchronized profit-taking correction, with domestic and overseas markets moving down in tandem.
Latest Data:
Yangtze #1 Copper: RMB 103,430/ton, -860
Bare Copper Wire (Oxygen-Free, Hard): RMB 104,590/ton, -860
Enameled Wire: RMB 108,700/ton, -860
Yangtze A00 Aluminum: RMB 23,000/ton, -120
Guangdong #1 Copper: RMB 103,160/ton, -970
Guangdong A00 Aluminum: RMB 23,000/ton, -140
LME Copper: USD 13,385/ton, -98
SHFE 2608 Contract: RMB 102,940/ton, -870
SHFE 2609 Main Contract: RMB 102,920/ton, -930
Market View:
Domestic base metals staged a sharp pullback after the previous strong rally, driven by concentrated profit-taking, fading policy optimism and renewed macro headwinds. Spot copper dropped 860 yuan/ton to fall back below 104,000 yuan/ton, with Guangdong spot declining even more steeply amid heavier selling pressure from traders. SHFE copper futures moved lower in tandem, as short-term bullish capital exited the market rapidly. Overseas, LME copper plunged 98 dollars/ton, weighed down by a rebounding US dollar, renewed inflation fears from escalating Middle East tensions, and soft European manufacturing demand. Aluminum followed the broader market down, with limited defensive strength under its loose supply-demand balance. The market has now shifted from a rapid rebound into a high-level wide-range consolidation phase, with intensified long-short game and elevated short-term volatility.
Industry Note:
Copper price volatility has picked up notably, with a sharp pullback following a single-day surge of over 1,400 yuan/ton. Notably, spot premiums rose instead of falling amid the price drop, indicating that physical copper supply remains tight and industrial buyers are willing to support prices at lower levels. Downstream procurement remains dominated by rigid demand, with end-users cautious about chasing highs and waiting for prices to stabilize. Aluminum continues to lack upward momentum due to high domestic inventories and weak seasonal demand. Vigilance is required against further downside volatility if macro sentiment deteriorates further, while the medium-term tight supply logic remains intact to limit deep declines.
Chatnow Insight:
We will maintain stable supply and transparent pricing, adjusting quotes flexibly in line with real-time market movements to buffer the impact of raw material price volatility for our customers to the greatest extent.