China's copper market experienced subdued activity as the National Day holiday (October 1-7) approached and unfolded, with trading volumes declining significantly across most segments of the market, according to Mysteel's analysis published on October 8, 2026. Copper prices increased on September 30, driven by weakening sentiment as the holiday approached. China's spot premiums generally declined across major markets during this period.
While China's futures markets remained closed throughout the holiday week, overseas copper prices continued to fluctuate at elevated levels. Refined copper spot trading weakened substantially on September 30 as downstream stockpiling activities largely concluded ahead of the holiday break. Market participants largely ceased transactions during the holiday period, awaiting the reopening of Chinese markets.
Refined copper retail inventory continued to decline as of September 30, with expectations for limited accumulation following the holiday, as smelters' shipments to warehouses are anticipated to remain constrained. Activity in China's copper semis markets generally declined on September 30 and remained quiet throughout the holiday period, with the notable exception of the copper foil market, which maintained robust demand and supported high operating rates. Most refined copper rod enterprises proceeded with previously planned maintenance shutdowns lasting various durations.
Secondary copper rod producers faced continued operational constraints due to raw material availability limitations. Copper plate and strip enterprises largely maintained normal operations, while copper bar producers generally implemented three-day shutdowns. Looking ahead to the post-holiday period, copper prices in China are expected to remain elevated, supported by shrinking supply resulting from concentrated maintenance schedules and output cuts planned for October.
Although downstream demand recovery will require time to materialize, low inventory levels are anticipated to continue providing support for elevated spot premiums. Market participants are advised to monitor the pace of demand recovery closely and track developments in major macroeconomic events, as mixed macro disruptions are expected to persist. Source: Mysteel, October 8, 2026
Source: mysteel.net