Chinese Copper Stocks Are Rising while Imports Stay Closed

China base metals demand is splitting in two, with 16 of 18 July indicators weakening while robot, vehicle and chip output surges. Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, walks through what the latest Chinese data means for copper, aluminum, zinc, lead and nickel in this monthly base metal market update. Chinese manufacturing, non-manufacturing, construction and new orders readings all sit under 50, and the weakness now reaches services, consumer spending, hiring and business procurement rather than property alone. Against that, industrial robot production rose 30.2% year on year, new energy vehicles 29.9% and integrated circuits 20.7%, supporting copper use in grids, data centers and power infrastructure, aluminum in transport and renewables, and tin in semiconductors. The physical picture is now differentiated metal by metal, with Chinese copper social inventories and bonded stocks rising, aluminum ingot stocks drawing down, zinc treatment charges deeply negative, Shanghai Futures Exchange lead stocks falling and nickel weighed down by sluggish stainless steel restocking. Discover Actionable Metals Insights with StoneX Market Intelligence: https://shop.stonex.com/products/stonex-essential-bundle?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_natalie_scott_gray&utm_content=share 0:00 - China Runs at Two Speeds 0:52 - Robots and EVs Defy the Slump 2:01 - Tariffs Tighten the Screws 3:05 - Copper Stocks Build Again 4:05 - Aluminum Draws, Zinc Binds 5:20 - Nickel Left Holding Metal Like and subscribe for more financial market insights. #Copper #BaseMetals #StoneX #NatalieScottGray