[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.

【SMM Copper Inventory Update】Social inventory of copper cathode in China's major regions saw relatively small overall fluctuations, maintaining a slight destocking trend. Only Shanghai inventory continued to decline, while other regions generally experienced inventory buildup, mainly due to the simultaneous reduction in arrivals of both imported copper and domestically produced copper recently. Demand side, suppressed by continuously rising copper prices, downstream purchase willingness was insufficient, and overall demand remained weak.

【SMM Copper Inventory Update】Social inventory of copper cathode in China's major regions saw limited fluctuations. Recently, overall arrivals of both imported copper and domestically produced supplies pulled back. On the demand side, downstream purchasing and trading activity remained subdued, dragged down by the continued rise in copper prices.

【SMM Copper Inventory Update】After the holiday, copper cathode social inventory in China's major regions ended the previous seven consecutive weeks of destocking and shifted into an inventory buildup trend. Recently, warehouse inflows of both imported copper and domestically produced supplies increased. On the demand side, downstream players resumed operations and returned to the market after the holiday, but overall purchasing sentiment was mediocre, with restocking limited to rigid demand only. The shift in the supply-demand pattern drove copper inventories into a buildup.

【SMM Copper Inventory Update】Social inventory of copper cathode in China's major regions continued to destock, but the destocking pace slowed down notably. Recently, imported copper supplies arrived at ports successively as replenishment, while arrivals of domestically produced supplies remained relatively low overall. Sustained release of rigid demand in the market supported a steady pullback in inventory. However, as the tight supply situation eased marginally, coupled with weakening downstream consumption, the destocking speed narrowed in this round.

【SMM Copper Inventory Update】Social inventory of copper cathode in major regions across China has been destocking for six consecutive weeks. Reduced domestic supply arrivals due to smelter maintenance, combined with warehouse withdrawals driven by regional price spreads and supported by rigid downstream demand, led to a continued decline in inventories.

【SMM Copper Inventory Update】This week, copper cathode social inventory in China's major regions destocked for the fourth consecutive week. This was mainly because smelters gradually entered maintenance cycles, arrivals tightened somewhat, and coupled with stable demand, this supported continued inventory pullback. However, affected by the rebound in copper prices, downstream demand showed signs of slowing down, causing the destocking pace to moderate.

【SMM Copper Inventory Flash】Social inventory of copper cathode in China’s major regions continued the destocking trend this week, marking the third consecutive week of declines. As smelters gradually entered maintenance cycles, upstream arrivals tightened somewhat, while downstream demand remained stable, and inventory continued to decline.

【SMM Copper Inventory Flash】This week, social inventory of copper cathode in China’s major regions continued to decline, mainly supported by tight supply in some areas and a recovery in downstream consumption; however, higher copper prices somewhat restrained downstream procurement, and relatively weak consumption slowed the pace of destocking.

[SMM Copper Inventory] Looking ahead to next week, continued fluctuations in copper prices are expected to keep disturbing end-user procurement sentiment, while rising plastic prices will bring cost pressure. However, existing orders will continue to support enterprises’ baseline production schedules, leaving limited downside room for operating rates. SMM expects the operating rate of copper wire and cable to fall 1.54 percentage points MoM to 69.23% next week, down 5.99 percentage points YoY.