[Latest Data from the General Administration of Customs] In February 2026, China imported 167,900 mt in physical content of copper scrap and shredded copper scrap. Of this, 100,700 mt was imported through customs declarations filed with Ningbo Customs, ranking first and accounting for 59.94%; 17,400 mt was imported through customs declarations filed with Guangdong Customs, ranking second and accounting for 10.34%. (HS code: 74040000)

[Latest Data from the General Administration of Customs] In January 2026, China imported 232,300 mt in physical content of copper scrap and shredded copper scrap. Of this total, 139,300 mt was imported through customs declarations filed with Ningbo Customs, ranking first and accounting for 59.98%; 24,300 mt was imported through customs declarations filed with Guangdong Customs, ranking second and accounting for 10.47%. (HS code: 74040000)

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $12,157.5/mt and dipped to $12,106/mt at the start of the session, then fluctuated upward to $12,246.5/mt. Later, the center of copper prices gradually moved lower and finally closed at $12,141/mt, up 0.17%, with trading volume at 15,500 lots and open interest at 295,000 lots, down 991 lots from the previous trading day. Last Friday night, the most-traded SHFE copper 2605 contract opened at 95,080 yuan/mt and touched a low of 95,040 yuan/mt at the start of the session, then the center of copper prices gradually moved higher to 95,880 yuan/mt. Later, it fluctuated downward and finally closed at 95,490 yuan/mt, down 0.22%, with trading volume at 42,900 lots and open interest at 185,500 lots, down 1,897 lots from the previous trading day, mainly due to long liquidation.

SMM News, March 27: Data Brief: As of Thursday, March 26, SMM copper inventories in major regions across China fell 18.29% WoW from last Thursday. Total inventory increased 92,900 mt YoY and has posted destocking for two consecutive weeks. By region, in Shanghai, copper cathode inventory continued to pull back as downstream consumption boosted warehouse withdrawals well above warehouse inflows; in Jiangsu, downstream consumption recovered steadily, and inventory continued to decline in tandem; in Guangdong, consumption remained robust, coupled with tight supply in some areas, driving a faster pace of inventory decline. Looking ahead, on the supply side, imported copper cargoes continued to arrive, while arrivals of domestically produced copper decreased somewhat; on the demand side, downstream enterprises mainly made just-in-time procurement. Based on the overall supply-demand pattern, China’s copper cathode supply is expected to remain tight next week, while consumption is expected to stay broadly stable, and weekly inventory is expected to continue destocking.

[Shanghai Spot Copper] Looking ahead to next week, the Shanghai spot copper market is expected to remain in a tug-of-war. Supply side, some suppliers had already sold part of their imported cargoes during the day, such as Onsan, SR-P, and Polish large plates, while a large volume of imported copper is still set to arrive next week, and whether actual supply will increase significantly remains to be seen. If copper prices continue to fluctuate rangebound within the current range, the increase in supply will weigh on spot premiums. Demand side, next week will usher in a stockpiling window ahead of the Qingming Festival, and downstream enterprises may have demand to restock in advance. Spot transactions are expected to improve, which may provide temporary support to premiums. In addition, from the perspective of market structure, the price spread between high-quality copper and standard-quality copper has remained at a relatively narrow level, reflecting that current market trading is mainly driven by actual consumption demand, with brand premiums weakening and buyers paying more attention to price itself rather than brand differences. Overall, Shanghai spot copper prices against the 2604 contract are expected to remain at the current level next Monday.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,264.5/mt. After testing a low of $12,282.5/mt in early trading, its center fluctuated downward, nearing the close and hitting a low of $12,079/mt, before finally closing at $12,120/mt, down 1.33. Trading volume reached 18,000 lots, open interest stood at 296,000 lots, an increase of 326 lots from the previous trading day, mainly reflecting bears adding positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,350 yuan/mt, tested a low of 95,900 yuan/mt in early trading, and then its center moved lower to a low of 94,950 yuan/mt, before finally closing at 95,150 yuan/mt, down 0.45. Trading volume reached 39,000 lots, open interest stood at 188,000 lots, a decrease of 2,104 lots from the previous trading day, mainly reflecting bulls reducing positions overall.