Weekly Copper Review: COMEX futures under pressure amid firm US dollar

COMEX Copper futures edged up from a seven-week low despite choppy equities. LME Copper inventories fell near three-month low and capped losses for the red metal. US dollar continues to dominate sentiments for the metal as COMEX Copper lost around 5% this week. Comfortable global supplies are also capping upside. The International Copper Study Group (ICSG) has stated in a latest update that Preliminary world copper mine production declined by 1.4% in the first four months of 2026, with a decline in concentrate production of -2.7% more than offsetting an increase in solvent extraction-electrowinning (SX-EW) of 3.5%. The world refined copper production also grew by about 4% in the first four months of 2026 with primary production (electrolytic and electrowinning from ores) growing by 3.5% and secondary production (from scrap) increasing by 6.8%. Data showed that world apparent refined copper usage increased by 2% in the first four months of 2026. World ex-China usage is estimated to have increased by 1.4% and Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have increased by 2.4%. Chinese net refined copper imports declined by 25%. China's share of total world refined copper usage is currently about 59%. ICSG noted that in the first four months of 2026, the world refined copper balance, based on Chinese apparent usage (excluding changes in bonded/unreported stocks), indicated a preliminary surplus of about 239,000 tonnes.

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