[Wire and Cable Imports] According to the latest data from the General Administration of Customs, China's wire and cable imports in April 2026 were 12,000 mt, up 2.56% MoM and down 0.22% YoY. Cumulative wire and cable imports in 2026 were 43,000 mt, down 4.03% YoY on a cumulative basis. Among them, copper wire and cable imports were 3,900 mt, up 22.81% MoM and up 21.11% YoY. Cumulative copper wire and cable imports in 2026 were 12,000 mt, up 8.97% YoY on a cumulative basis. (Copper wire and cable HS codes: 85444921, 85444929, 85446012, 85446013, 85446014, 85446019, 85446090)

[SMM Analysis]: Copper-related Policy Shifts Across the Americas: Copper is no longer merely an industrial metal — it is rapidly emerging as a strategic resource. From mining policy reforms in Chile and Peru, to the U.S. Section 232 investigation and the strengthening of North American critical minerals strategies, copper policies across the Americas in 2025–2026 are set to exert profound influence over global copper supply-demand balances, smelting dynamics, and copper price volatility.

China Customs data showed that China imported 452,000 tonnes of unwrought copper and copper products in April 2026, with the import value reaching US$5.9428 billion. From January to April 2026, cumulative imports totaled 1.567 million tonnes, down 9.8% year on year, while the cumulative import value stood at US$20.3657 billion, up 21.4% year on year.

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.

Hindustan Copper will build a 3 MTPA copper concentrator plant at its Malanjkhand project, aiming to scale up output and reduce India’s heavy reliance on copper imports. The project is expected to be completed within 27 months as part of a broader expansion strategy.

According to the latest data disclosed by the General Administration of Customs, China’s imported copper cathode market, while maintaining the 2025 baseline, is facing dual challenges: the continued rise in the share of EQ copper and whether global supply will continue to be diverted. China’s cumulative copper cathode imports in January-February 2026 totaled 356,900 mt, down 33.13% YoY.

According to data from China’s General Administration of Customs, China imported 316,000 tonnes of unwrought copper and copper products in February 2026. For the January–February period, cumulative imports of unwrought copper and copper products reached 700,000 tonnes, down 16.1% year-on-year, compared with 834,000 tonnes imported during the same period last year.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain under pressure. Copper prices retreated today, while orders increased compared to the previous trading day, indicating that the current price level has become more attractive to end-user procurement, which may provide some support to spot premiums/discounts. In terms of market structure, SHFE copper imports turned from loss to profit, prompting importers to actively lock in the SHFE/LME price ratio. As a result, a significant amount of imported copper is expected to enter the domestic market ahead of the holiday. Meanwhile, the Contango spread between nearby contracts narrowed slightly, encouraging suppliers to increase spot sales, adding to short-term spot supply pressure. If copper prices fall further to lower levels, more sustained restocking demand may be triggered, at which point spot discounts could gradually stabilize.

Recently, Freeport-McMoRan Inc. (hereinafter referred to as "Freeport"), the largest copper producer in North America, stated that despite US President Trump's earlier claim that the copper tariffs he threatened to impose could support the US copper industry, the actual outcome might be counterproductive—tariffs could impact the economy, leading to a decline in copper demand, which would in turn be detrimental to the industry. Broad tariffs may instead dampen copper demand In recent times, US President Trump has threatened to impose tariffs on copper to drive the recovery of domestic industries. In late February this year, Trump instructed the US Secretary of Commerce to launch an investigation into foreign copper imports under Section 232 of the Trade Expansion Act and submit a report within 270 days. As the largest copper producer in North America, the imposition of tariffs on copper imports by the US should have been a positive development for Freeport, as the company could profit by selling copper at a premium. However, the company's CEO has warned that tariffs could also have a negative impact on the company. "If global economic growth is hindered, it could impact copper prices," Kathleen Quirk, CEO of Freeport, said in an interview. "Ironically, if we try to build up the US copper industry, slower GDP growth and inflation could put significant pressure on copper mines here." Quirk claimed that the US copper industry is currently in a turbulent period. As many industries and applications, including automotive, consumer electronics, and residential construction, are highly dependent on copper, copper tariffs could impose high costs on various sectors of the US economy. Copper tariffs have both positive and negative implications for the company Under Trump's tariff threats, US copper prices have been pushed higher than those in other markets. Currently, copper prices on the Comex are about 9.3% higher than those on the London Metal Exchange (LME), providing traders and producers with greater incentive to continue shifting supplies to the US before potential copper tariffs take effect. In April this year, the premium for copper on the New York Stock Exchange (NYSE) relative to the LME even reached 13% at one point. At that time, Freeport claimed that such a level was equivalent to a financial benefit of approximately $800 million per year from its copper sales. Freeport owns seven open-pit mines and one smelter in the US, which means it produces about 70% of the refined copper in the country. Quirk stated, "We do benefit from copper tariffs because they raise the price of our copper in the US domestic market... but if there are hefty tariffs and a trade war, we will be concerned about global demand for copper." Quark stated that she maintains a "neutral" stance on copper tariff policies, believing that copper import tariffs have both advantages and disadvantages for her. She noted that Freeport also has copper production sites in Indonesia, Spain, Peru, and Chile, and that tariff-driven trade wars could harm market demand for copper. Compared to tariffs, Freeport has called on the Trump administration to adopt other incentives to promote copper mining in the US, such as the tax credits included in the Inflation Reduction Act—a benefit that US lithium and nickel miners are already eligible for. "The cost structure in the US is higher than globally," Quark said. "Therefore, if you want to protect this industry, you need to consider how to incentivize it."

Analysts from Morgan Stanley stated that US President Trump's decision to double aluminum import tariffs to 50% could drive up aluminum prices and the costs for its users.