Spot copper and aluminum rebounded moderately on July 2, 2026, the first full trading day of the second half. Domestic spot and near-month futures moved higher, while LME copper edged down slightly, presenting a clear pattern of domestic strength vs. overseas weakness, with mild technical repair across the board.
Latest Data:
Yangtze #1 Copper: RMB 102,500/ton, +230
Bare Copper Wire (Oxygen-Free, Hard): RMB 103,660/ton, +230
Enameled Wire: RMB 107,770/ton, +230
Yangtze A00 Aluminum: RMB 22,540/ton, +280
Guangdong #1 Copper: RMB 102,380/ton, +210
Guangdong A00 Aluminum: RMB 22,530/ton, +280
LME Copper: USD 13,314/ton, -16
SHFE 2607 Near-Month Contract: RMB 102,360/ton, +260
SHFE 2608 Main Contract: RMB 102,380/ton, -70
Market View:
The second half of 2026 opened with a mild recovery in domestic base metals. Spot copper rose 230 yuan/ton and aluminum jumped 280 yuan/ton, as market sentiment recovered from the half-year-end liquidity squeeze and panic sell-off. Near-month SHFE copper tracked spot prices higher supported by tight spot supply, while the main 2608 contract dipped slightly, reflecting lingering caution over medium-term demand recovery. Overseas, LME copper retreated marginally, weighed down by soft European manufacturing data and a firmer US dollar. The market has now stepped out of the month-end slump and entered a low-volatility consolidation phase with mild upward bias, underpinned by tightening spot liquidity and bottom-fishing rigid demand.
Industry Note:
Price volatility has narrowed notably as the half-year-end effect fades. Copper spot premium rose to 140 yuan/ton, indicating shrinking tradable spot inventory and stronger willingness among traders to hold stocks at lower price levels. Downstream rigid demand has picked up marginally, with cable and wire manufacturers carrying out small-batch replenishment after the previous pullback, yet bulk stockpiling remains absent. Aluminum's rebound is driven by both technical repair after excessive declines and expectations of tighter scrap supply. Vigilance is still required against short-term fluctuations triggered by macro data and policy news in early H2.
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.