Rising diesel and gasoline prices in Chile are increasing operating costs for copper mining, particularly in transport and heavy equipment usage. Higher fuel costs are putting pressure on margins and project viability.

SMM Analysis: According to data from the General Administration of Customs, China imported 64,900 mt of copper anode (HS code: 74020000) in January 2026, up 5.74% MoM and up 1.48% YoY...

Today, the most-traded BC copper 2604 contract opened at the intraday low of 82,550 yuan/mt, then fluctuated upward in early trading. After the daytime session opened, the center of copper prices surged in a straight line to a high of 85,250 yuan/mt, then moved in wide swings and finally closed at 84,610 yuan/mt, up 1.22%. Open interest stood at 4,302 lots, down 643 lots from the previous trading day, while trading volume reached 3,695 lots, indicating bears reduced positions. On the macro front, the US Department of Justice admitted it lacked evidence for its investigation into Powell, and his term is expected to be extended; coupled with renewed market expectations for easing tensions in the Middle East and somewhat alleviated inflation concerns, the US dollar weakened, and multiple positive factors jointly boosted copper prices. Fundamentally, on the supply side, arrivals of both domestic and imported cargoes were steady, with ample market circulation; on the demand side, affected by rising copper prices, downstream purchasing sentiment pulled back, with procurement maintained only for rigid demand. The SHFE copper 2604 contract closed at 95,550 yuan/mt. Based on the BC copper 2604 contract at 84,610 yuan/mt, its after-tax price was 95,609 yuan/mt. The price spread between the SHFE copper 2604 contract and BC copper was -59, with the spread inverting again.

SMM News, March 26: The most-traded SHFE lead 2605 contract opened at 16,505 yuan/mt during the day. Prices edged down slightly in early trading, then fluctuated rangebound within the 16,425-16,460 yuan/mt range, with an intense tug-of-war between longs and shorts. As downstream battery enterprises showed low willingness to restock and consumption remained weak, SHFE lead fell further in the afternoon session, hitting a low of 16,385 yuan/mt, before rebounding slightly near the close to end at 16,460 yuan/mt. It posted a small bearish candlestick, down 35 yuan/mt, with a gain of 0.21%. On the supply side, quotes for primary lead smelter cargoes self-picked up from production site held steady, while secondary lead producers held prices firm, leading to tight circulating cargoes. On the demand side, downstream players remained on the sidelines, with long-term contract and purchasing as needed proceeding in parallel. SMM expects lead prices to maintain a sideways movement in the short term. Data source statement: Except for public information, all other data is derived by SMM through processing based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,016.5/mt. After dipping to $11,955.5/mt in early trading, its center rose sharply to a high of $12,160/mt, and then continued to hover at highs, finally closing at $12,092.5/mt, down 1.05%. Trading volume reached 23,000 lots, open interest stood at 293,000 lots, up 406 lots from the previous trading day, mainly reflecting increased short positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 93,600 yuan/mt and touched a low of 93,480 yuan/mt at the open. Its center then moved higher to a high of 94,990 yuan/mt, after which copper prices maintained a fluctuating trend at highs, finally closing at 94,670 yuan/mt, up 0.17%. Trading volume reached 51,000 lots, open interest stood at 198,000 lots, down 533 lots from the previous trading day, mainly reflecting reduced short positions throughout the day.

On March 25, SHFE issued an announcement approving Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. as a copper delivery warehouse The original text was as follows: Announcement on Approving Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. as a Copper Delivery Warehouse Recently, our exchange received the relevant application materials from Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. In accordance with the Delivery Warehouse Management Measures of the Shanghai Futures Exchange and other relevant regulations, it was decided after deliberation that: I. Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. was approved to become a copper delivery warehouse of our exchange. The storage address is No. 108 Dongjiang Avenue, Huangpu District, Guangzhou, Guangdong Province, with an approved storage capacity of 20,000 mt, and no regional premiums will be applied. II. It will be put into operation as of the date of this announcement. All relevant parties should attach great importance to this matter, effectively carry out all related work, and ensure the normal and orderly conduct of delivery business. Hereby announced. Shanghai Futures Exchange Mar 2026 Click to view announcement details: