Copper: Mixed China signals and positioning shifts – ING
By FXStreet Insights Team
Updated: 10 Jun 2026
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ING’s Warren Patterson and Ewa Manthey say China’s latest trade data for Copper are mixed, with higher unwrought Copper imports in May but lower year-to-date volumes due to stronger domestic refined output.
ING’s Warren Patterson and Ewa Manthey say China’s latest trade data for Copper are mixed, with higher unwrought Copper imports in May but lower year-to-date volumes due to stronger domestic refined output. They add that Copper concentrate imports softened and CFTC data show a pullback in net long Copper positions after several weeks of increases.
China demand and CFTC positioning
"China’s latest trade data show mixed signals. Unwrought copper imports rose 4.4% YoY to 445.7kt in May, though year-to-date volumes remained down 7% YoY at 2.01mt."
"This reflects higher domestic refined output. Copper concentrate imports fell 1% YoY in May (2.36mt), with YTD volumes down 1.4%."
"CFTC data show copper net longs fell by 5,761 lots to 63,001 after five weeks of increases."
"In ferrous markets, iron ore imports declined 0.4% YoY and 5.9% MoM to 97.7mt. But YTD flows remain up 6.3%, supported by infrastructure and manufacturing activity despite weak real estate demand."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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