Weekly Copper Review: COMEX futures see choppy trading, test two week low

COMEX Copper futures witnessed a choppy trading pattern in the week gone by, testing two-week low around $4.40 per pound before finding some stability. The metal is tracking broad cues from equities and US dollar while overall steady pace of demand is supporting the sentiments. The International Copper Study Group (ICSG) released preliminary data for June world copper supply and demand in its August 2025 Copper Bulletin. Preliminary data indicates that world copper mine production increased by about 2.7% over the first half of 2025, with concentrate production increasing by 2.8% and solvent extraction-electrowinning (SX-EW) by 2.3 %. Meanwhile, world refined copper production increased by about 3.6% during the first half of 2025 with primary production (electrolytic and electrowinning from ores) up to 3.6% and secondary production (from scrap) up by 3.7%. ICSG further stated that world apparent refined copper usage grew by about 4.8% in the first half of 2025. Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have grown by around 7.5%. Over the first half of 2025, the world refined copper balance, based on Chinese apparent usage (excluding changes in bonded/unreported stocks), indicated a preliminary surplus of about 251,000 t. This compares with a surplus of about 395,000 t in the same period of 2024.

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