[Latest Data from the General Administration of Customs] In March 2026, China's wire and cable exports totaled 218,000 mt, down 2.63% MoM and down 7.22% YoY. Of this, copper wire and cable exports were 118,000 mt, up 8.37% MoM and up 9.38% YoY. (Copper wire and cable HS codes: 85444921, 85444929, 85446012, 85446013, 85446014, 85446019, 85446090)

On April 20 (Monday), two industry sources said that Zambia's two largest copper smelters and sulphuric acid producers plan to carry out extended maintenance shutdowns later this year, which will further squeeze the country's copper production and the supply of sulphuric acid used to process copper and cobalt. The Iran war has disrupted global supplies of this critical acid and other leaching chemicals, forcing mines in neighboring Congo, the world's largest cobalt producer and second-largest copper producer, to reduce usage or consider production cuts. Zambia's mining ministry said that, as Africa's second-largest producer of critical metals needed for clean energy technologies, the country's copper smelters generate approximately 2 million mt of sulphuric acid annually, mainly as a by-product for use by local mines, with the surplus exported to the DRC. First Quantum Minerals' country head in Zambia said that Zambia's own sulphuric acid inventory had been severely depleted, leaving virtually no export capacity. Meanwhile, miners in neighboring DRC were also struggling to cope with tightening chemical supplies. *Mopani's long-overdue maintenance* A chemicals trader said that although copper smelters typically shut down for about 30 days each year for routine maintenance, Mopani and Chambishi copper mines will face longer shutdowns this year. A mining executive said Mopani copper mine had not undergone maintenance for some time and plans to shut down for three days in June, followed by an extended shutdown of approximately 40-45 days, August-mid-September. The chemicals trader said Chambishi copper mine plans to shut down for approximately two months throughout August, but did not elaborate on the reasons for the planned extended shutdown. Zambia tightened controls on sulphuric acid exports this month, requiring traders to obtain permits. The country said the move was aimed at protecting domestic industries. First Quantum's Zambia country director Anthony Mukutuma said the measures were reasonable but exports were unlikely in the short term. *Global copper supply expected to decline* Global copper supply will tighten this year as years of underinvestment have constrained mine production growth. Zambia produced 890,346 mt of the red metal last year, falling short of the 1 million mt target. Meanwhile, according to shipping data, Congo's copper exports declined in Q1 this year. The mining executive said Mopani copper mine was operating well below its 225,000 mt finished copper capacity due to a shortage of copper concentrates caused by years of underinvestment. The executive said the main owner, UAE-based International Resources Holding, was simultaneously developing and mining the mine, which forced intermittent production stoppages and further constrained output. (Wenhua Consolidated)

In March 2026, China’s refined copper imports totaled 234,600 mt, up 53.33% MoM but down 24.03% YoY. Exports stood at 58,200 mt, down 25.60% MoM and 14.40% YoY.

Shipping data showed that DRC copper exports fell 14.6% in Q1, pulling back from abnormally strong levels a year earlier, while cobalt exports saw a significant rebound after months of stagnation.

According to shipping data from Reuters, copper exports from the DRC fell 14.6% year-on-year in Q1 2026, while cobalt exports rebounded sharply after months-long export suspensions. The DRC exported around 955,000 metric tons of copper in Q1 2026, down from 1.09 million tons a year earlier, supported by major operations including Ivanhoe, CMOC, Glencore and Sicomines. In contrast, cobalt exports stood at 48,800 tons in Q1 2026 following the end of the export ban, compared with a high base last year when shipments were front-loaded. Meanwhile, supply of key chemicals for copper and cobalt processing remains tight in the DRC. Imports of sulfur, sulfuric acid and caustic soda have dropped sharply amid the conflict between the U.S., Israel and Iran.

Chile's central bank reported that the country's copper export value in March reached $5.16 billion, up 14% YoY. Chile is the world's largest copper-producing country. The bank also said the country posted a trade surplus of $3.06 billion for the month, slightly above the $3 billion expected by economists in a survey.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $12,960/mt. It fluctuated downward in early trading, dipping to $12,792/mt, after which the center of copper prices gradually moved higher and touched a high of $12,966/mt. It then fluctuated downward and finally closed at $12,859/mt, down 1.29%. Trading volume rose to 27,900 lots, and open interest rose to 305,000 lots, down 953 lots from the previous trading day, mainly due to long position reductions. Overnight, the most-traded SHFE copper 2604 contract opened at 100,440 yuan/mt. It fluctuated downward in early trading and bottomed at 100,030 yuan/mt, after which the center of copper prices moved sharply higher and climbed to 101,410 yuan/mt. It finally closed at 100,980 yuan/mt, down 0.35%. Trading volume rose to 74,300 lots, and open interest rose to 195,000 lots, down 5,732 lots from the previous trading day, mainly due to long position reductions.

[SMM Analysis: What Impact Does the Middle East Situation Have on the Recycled Copper Raw Materials Market?] Recent turbulence in the Middle East has once again rattled global commodity markets. However, zooming in on the recycled copper raw materials segment, the market has remained remarkably calm. This article examines the trade structure and supply-demand dynamics to explain why the Middle East situation has, in practice, a relatively limited impact on Asia's scrap copper market.

SMM Morning Meeting Minutes: LME copper opened overnight at $13,300/mt and touched a high of the same level, initially fluctuating downward before the center of copper prices shifted straight down, then experiencing wide swings and probing as low as $12,787/mt, ultimately closing at $12,855/mt, down 2.9%, with trading volume reaching 22,100 lots and open interest at 322,000 lots, down 3,871 lots from the previous session, overall reflecting long liquidation. The most-traded SHFE copper contract 2603 opened overnight at 102,030 yuan/mt, initially climbing to 102,350 yuan/mt before fluctuating rangebound, then the center of copper prices pulled back straight to touch a low of 99,400 yuan/mt, ultimately closing at 100,030 yuan/mt, down 2.58%, with trading volume reaching 57,700 lots and open interest at 143,000 lots, down 4,515 lots from the previous session, overall reflecting long liquidation.

According to data released by Chilean Customs, Chile's copper exports in January amounted to 177.235 mt, with exports to China totaling 27,113 mt during the same month. Chile's exports of copper ore and concentrates in January reached 1,556,029 mt, of which exports to China accounted for 906,158 mt.