Transactions in the Copper Bar Market Were Mainly Driven by Rigid Demand

In January-February 2026, China’s copper enamelled wire exports maintained strong momentum, with products shipped to 160 countries and regions, while export volume growth in February alone was particularly significant YoY. In terms of export market distribution, the pattern among the leading destinations remained stable, with Vietnam, Japan, Thailand, and South Korea ranking as the top four markets and accounting for a combined 42% of total exports; among them, Vietnam achieved positive growth YoY, while Japan, Thailand, and South Korea saw pullbacks to varying degrees. In addition, exports to Turkey performed strongly, with export volume reaching 996 mt in January-February, up 645.6% YoY.

According to data from the General Administration of Customs, China exported 12,052.46 mt of copper enamelled wire in January 2026, down 1.19% YoY; exports were 10,239.85 mt in February, up 39.64% YoY. In January-February 2026, cumulative exports of copper enamelled wire totaled 22,292.31 mt, up 14.14% YoY. (HS code 85441100)

According to data released by the SHFE on March 20, SHFE copper warrants fell sharply across the board during the day, with total inventory down 18,528 mt from the previous trading day. The decline widened markedly from the previous trading day, and the degree of destocking further strengthened. By region, warrants in major consumption areas posted significant declines: Shanghai down 10,283 mt, Guangdong down 2,654 mt, and Jiangsu down 5,591 mt. Copper prices extended their decline during the day, and downstream enterprises showed strong enthusiasm for buying the dip. Suppliers actively made shipments as spot discounts narrowed, and a large volume of warrant cargo flowed out and was absorbed by downstream enterprises, reflecting the attractiveness of current price levels to downstream enterprises.