Henan Copper Cathode Procurement Sentiment Remained Weak

【SMM Copper Inventory Update】Imported and domestically produced copper continued to arrive on the supply side, while on the demand side, downstream operations had not yet fully resumed production and operations due to seasonal factors, leading to a supply-demand mismatch that drove inventory buildup further. According to SMM data, as of February 26, 2026, social inventories of electrolytic copper in mainstream regions across the country continued the post-holiday inventory buildup trend, with the total amount reaching 531,700 mt, reaching a historically high level.

[ChinaIOL data shows] In 2025, the water purifier industry produced 19.406 million units, up 0.8% YoY; sales reached 19.41 million units, up 0.9% YoY. Among these, domestic sales were 13.425 million units, up 4.7% YoY; exports were 5.985 million units, down 6.9% YoY.

Yesterday, the average spot price of copper cathode in Henan was reported at a discount of -345 yuan/mt. According to SMM feedback, although downstream copper processing enterprises have gradually resumed work after the holiday, the recovery of end-use consumption has lagged, and market trading activity has been sluggish. Currently, spot order discount quotes are scarce, with most enterprises still digesting pre-holiday inventory and showing weak purchase willingness. Overall market activity remains at a low level.