July data shows China’s unwrought copper imports fell sharply year-on-year, while COMEX net longs hit a 3.5-year high amid tight supply.
China’s unwrought copper imports declined 11.5% year-on-year to 424.6 kilotonnes in July, extending a 6.2% year-to-date drop. Copper concentrate imports also softened, reflecting tighter mine supply pressures.
Iron ore imports rose 3.3% year-on-year to 108.1 million tonnes, though weak steel margins and maintenance activity capped demand. Aluminium exports surged 18.6% year-on-year to 640 kilotonnes, driven by supply disruptions linked to Middle East tensions.
Speculative positioning in COMEX copper turned bullish, with net long positions climbing 11,306 lots to 77,796—the highest since February 2021—amid low inventories and tight physical markets.