Most industrial raw materials trended lower on June 30, 2026, the final trading day of the first half. Spot copper extended its mild correction, while aluminum tumbled sharply across both domestic and overseas markets. LME copper bucked the trend with a marginal gain, forming a clear domestic weakness vs. overseas resilience divergence. PVC futures rebounded moderately against the broad downtrend, showing structural differentiation across sectors.
Latest Data:
Yangtze #1 Copper: RMB 102,270/ton, -230
Bare Copper Wire (Oxygen-Free, Hard): RMB 103,430/ton, -230
Enameled Wire: RMB 107,540/ton, -230
Yangtze A00 Aluminum: RMB 22,500/ton, -440
LME Copper: USD 13,345/ton, +23
LME Aluminum: USD 3,099/ton, -99
SHFE Copper Continuous Contract: RMB 102,150/ton, -470
SHFE Aluminum Continuous Contract: RMB 22,500/ton, -520
PVC Continuous Contract: RMB 4,413/ton, +36
Market View:
On the last trading day of H1 2026, domestic base metals closed mostly lower amid soft demand and month-end capital outflows. Spot copper edged down 230 yuan/ton, with domestic futures falling more steeply as long positions reduced holdings ahead of the half-year end. Overseas, LME copper rose 23 dollars/ton, supported by sustained inventory drawdowns and tight mine supply, making it the only gainer among major LME base metals. Aluminum plunged on both markets, weighed down by ample global supply, weak seasonal demand and fading geopolitical premiums. PVC rebounded slightly on cost support after a prolonged slump. The market has entered a high-level consolidation phase with weak domestic reality as the core constraint, while long-term supply tightness underpins copper's resilience.
Industry Note:
Half-year end trading remains subdued, with downstream buyers strictly adhering to rigid-demand procurement and avoiding speculative stockpiling. For cable and wire manufacturers, the notable drop in copper and aluminum prices eases core raw material costs, while the mild rebound in PVC adds marginal pressure on sheathing material expenses. Aluminum faces the most prominent oversupply pressure, with limited upside momentum in the short term. Copper retains stronger support from its tight long-term supply fundamentals. Vigilance is still required against short-term volatility driven by macro news and capital flows as we enter the second half.
Chatnow Insight:
We will maintain stable supply and transparent pricing across all core and auxiliary raw materials, and buffer the impact of severe price fluctuations to the greatest extent for our customers.