In late May, copper plate prices in the USA experienced an increase, driven by a shortage of raw materials and rising demand. Conversely, prices for copper plates in China remained stable, reflecting a balanced supply and demand within their market.

Key Takeaways:

• U.S. copper plate prices rose in the last week of May, driven by strong electronics and semiconductor demand and optimism after the U.S.–China trade truce.
• The copper plate market in China remained balanced, supported by strong downstream demand and steady production.

China

The copper plate market in China exhibited balanced supply and demand. This stability was supported by robust activity in downstream sectors, particularly within electronic circuit sector where 3C electronics and other consumer goods performed optimistically. Furthermore, there was an uptick in export demand, prompted by trade negotiations between China and the USA concluding last week.

Copper plate production remained consistent in May, with enterprises maintaining normal levels of raw material and finished product inventories. While global refined copper supply has generally increased, the ongoing issues at mines and the declining spot TC (processing fees) indicate that upstream resource availability remains tight. This is further supported by the continued reduction in LME copper inventories, highlighting persistent pressure on the supply side.

Copper plate demand is expected to stay weak leading up to the Dragon Boat Festival, continuing the trend from late May. Despite some smelter maintenance, June production will remain stable, ensuring normal domestic supply. An influx of overseas raw material imports, including Russian copper cathode from Europe, is likely to increase downward pressure on copper plate prices.

The USA

U.S. copper plate prices saw a 1.5% increase in the last week of May, driven by robust electronics and semiconductor sales, and improved consumer confidence stemming from the U.S.-China trade truce. Additionally, the market was buoyed by optimism after a federal judge halted President Donald Trump’s plan to impose tariffs on most imports from the United States.

Despite rising copper inventories in Comex warehouses, the prices of final products including copper plate has seen a rise as markets reacted to the possible impact of significant mining disruptions. Notably, underground operations at Kakula were halted again over the weekend due to further seismic activity, following a previous suspension.

Looking ahead, demand for copper plate from the USA is expected to see modest growth in H2 2025, with increased investment in grid hardening, renewables, and data centres. Due to growing supply-demand imbalance, copper plate market may face a significant rise in the medium term.