The latest trade data from China were more or less neutral for the Copper price, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.

China Copper imports rise despite tariff threats

"Both imports of unwrought Copper and imports of Copper ores increased in July compared to the previous month. This indicates robust demand as well as consistently high metal production, both of which are surprising. One might have expected that the recent threat of US tariffs on unprocessed Copper would have led to more of these flowing to the US in advance."

"However, the tariffs did not materialize, or only for a small group of Copper products. Furthermore, it would have been worthwhile for Chinese importers to wait, as the introduction of US tariffs would have increased the supply of unprocessed Copper outside the US, causing prices to fall accordingly."

"Meanwhile, the increase in Copper ore imports contrasts with the significant decline in treatment and refining charges, which indicate a shortage of raw material."