Copper Inventory Fell; Steel Firmed; Lithium & Tungsten Weakened

Research evidence excerpt

Copper Inventory Fell; Steel Firmed; Lithium & Tungsten Weakened

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Basic Materials - China

Copper Inventory Fell; Steel Firmed;

Lithium & Tungsten Weakened

Industry Overview

Copper inventories fell; lithium & tungsten weakened 13 July 2026

Copper prices were volatile this week, initially pressured by renewed US-Iran tensions, Equity

higher oil prices and a stronger US dollar following hawkish Fed minutes, before China

recovering later in the week as oil prices eased and the dollar weakened. On the Basic Materials

fundamentals side, domestic spot supply remained tight amid limited arrivals of imported

and domestic material, while weather- and logistics-related disruptions, coupled with

downstream restocking, drove a sharp decline in social inventories. Demand picked up Matty Zhao >>

during the price pullback but moderated again as prices rebounded, with purchasing Research Analyst

activity largely focused on hand-to-mouth replenishment. Over the week, LME copper rose Merrill+852 3508Lynch4001(Hong Kong)

0.8% to US$13,419/t, while China spot copper gained 1.1% to RMB104,290/t. LME matty.zhao@bofa.com

aluminum advanced 1.8% WoW to US$3,138/t, with Changjiang spot aluminum also up Edward Leung, CFA >>

Research Analyst

1.6% to RMB23,120/t, as industry margins expanded to RMB7,074/t. Elsewhere, gold fell Merrill Lynch (Hong Kong)

1.4% WoW to US$4,119/oz, lithium carbonate declined 6.2% to RMB155,000/t, and U₃O₈ +852 3508 3282 edward.leung@bofa.com

remained flat at US$84.75/lb. Shanghai cobalt edged up 0.8% to RMB385k/t, while NdPr

Miriam Chan, CFA >>

oxide and tungsten prices fell 3.1% and 7.5% WoW to RMB736,000/t and RMB433k/t, Research Analyst

respectively. Merrill Lynch (Hong Kong) +852 3508 7478

miriam.chan@bofa.com