World copper prices fell to $13,257 per ton on April 20, 2026.

On April 20, 2026, copper prices on the London Metal Exchange (LME) recorded their second consecutive day of decline. Selling pressure emerged as investors increased caution amid uncertainties about the global trade outlook and rising geopolitical risks in the Strait of Hormuz region.

Mixed developments in key markets

Specifically, the three-month copper futures contract on the LME fell 0.67% to $13,257 per ton. Conversely, in the Chinese market, the most actively traded copper contract on the Shanghai Futures Exchange (SHFE) closed up 0.41% at 102,460 CNY per ton (equivalent to $15,025.22 per ton).

This divergence reflects differences in supply and demand dynamics. While international markets are concerned about macroeconomic risks, domestic demand in China continues to show positive signs, helping copper prices in Shanghai to rise by as much as 1.01% during the session.

Pressure from geopolitical tensions and oil prices.

Commodity markets are being strongly impacted by developments in the Middle East. The US seizure of an Iranian cargo ship and Tehran's retaliatory measures involving restrictions on traffic through the Strait of Hormuz have pushed oil prices higher again. Concerns about disruptions to maritime supply chains have directly affected investor sentiment in base metals.

In terms of policy, China decided to keep the benchmark lending rate (LPR) unchanged in April 2026. This marks the 11th consecutive month that the rate has remained unchanged amid rising inflation driven by energy costs. Maintaining a stable monetary policy indicates that Beijing is prioritizing inflation control over further easing to stimulate growth.

Consumption and inventory levels in China

Despite weakening global prices, demand in the world's largest copper consumer remains high. Data shows that copper inventories at warehouses monitored by the SHFE fell 9.8% week-on-week to 240,456 tonnes as of April 17, 2026. Notably, these inventories have dropped nearly 45% since mid-March, indicating a rapidly shrinking supply.

In addition, the Yangshan copper premium—a key indicator of China's import demand—remained at $68 per ton. Although this figure is lower than last week's $74 per ton, it still reflects stable actual demand from manufacturers.

Price fluctuations of other base metals

The non-ferrous metals market is currently undergoing a technical correction and risk reassessment. Experts predict that, in the short term, copper prices will continue to be affected by the combined impact of ongoing conflicts in the Middle East and actual economic data from China.