Copper prices on the London Metal Exchange (LME) saw a notable rise in July, driven by market expectations of an early interest rate cut in the US. Last week, three-month copper prices increased by over 3%, reaching US$10,000 per ton on July 5, the highest since June 12.

Weak US employment statistics and other economic indicators released on July 3 fueled hopes for an interest rate cut this year. Concurrently, the US dollar weakened against major currencies, making dollar-denominated goods cheaper and sparking a buying trend.

Despite reaching significant highs, the rise in copper prices is seen as speculative, with future trends remaining uncertain. Concerns over economic recovery in China, highlighted by June's manufacturing PMI data, continue to pressure the market. Additionally, LME copper inventories have surged by 60% over the past month, currently standing at 192,000 tons, reflecting a looser supply and demand situation.