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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.

Canadian mining giant Capstone Copper said on Friday that the largest union at its Mantoverde copper-gold mine in Chile had approved a new three-year labor contract, ending a strike that began on January 2 and paving the way for a return to normal production. Previously affected by the strike, the mine's production had fallen to about 55% of normal levels.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 06 Feb , 2026

SMM Analysis: According to SMM, the operating rate of Chinese copper foil enterprises reached 88.56% in January 2026, up 0.36 percentage points MoM and up 21.44 percentage points YoY...

[SMM Shanghai Spot Copper] Next week, copper prices are expected to decline during the day, effectively stimulating downstream restocking. Combined with concentrated stockpiling demand on Friday, against the backdrop of continuously tightening spot cargo availability, this is set to push spot prices from a discount to a premium, with suppliers significantly strengthening their sentiment to hold prices firm. Additionally, some price-ratio cargoes locked in during the previous period when the import window was open are anticipated to arrive gradually, potentially increasing supply in the short term. Meanwhile, downstream enterprises are gradually entering a holiday pace, with most top-tier enterprises having largely completed pre-holiday stockpiling. Actual procurement demand is expected to gradually weaken.

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 320-160 yuan/mt, averaging a discount of 240 yuan/mt, up 90 yuan/mt from the previous trading day. Transaction prices ranged from 98,380-100,270 yuan/mt, with the average price at 99,325 yuan/mt, down 1,555 yuan/mt from the previous trading day.

China will enter Lunar New Year holidays next week, with logistics and scrap traders suspending operations, ending pre-holiday restocking. As the world’s largest copper scrap consumer steps back, demand across Asia has weakened. South Korea has seen clearer pressure, with No.2 scrap discounts falling from around 90% to 88%–89%. Japan, without a holiday shutdown, shows only a mild adjustment of about 0.5% in discounts.