In May 2026, China's copper foil trade deficit narrowed MoM

Investment interest in U.S. copper recycling projects remains strong as companies expand domestic processing capacity. Potential trade measures and supply-chain localization are encouraging additional financing activity in the sector.

SMM Morning Meeting Summary: Overnight LME copper opened at $13,720/mt, hitting the intraday high of $13,740.5/mt right at the open, then fluctuated downward to a low of $13,633.2/mt before finally settling at $13,587/mt, up 0.62%. Trading volume reached 16,000 lots, and open interest stood at 252,000 lots, down 969 lots from the previous trading day, as bulls reduced positions. Overnight, the most-traded SHFE copper 2607 contract opened at 104,990 yuan/mt, edged up to 105,170 yuan/mt in early trading, then fluctuated downward to a low of 104,470 yuan/mt, and finally settled at 104,990 yuan/mt, down 0.24%. Trading volume reached 14,000 lots, and open interest stood at 104,000 lots, down 2,268 lots from the previous trading day, as bulls reduced positions.

[CCL Customs Data] According to data from the General Administration of Customs, in May 2026, China's imports of CCL (HS code: 74102110) were 3,096.38 mt, down 16.56% YoY and down 14.03% MoM; cumulative imports of CCL from January to May 2026 reached 17,269.55 mt, up 4.67% YoY. In May 2026, China's exports of CCL were 8,279.04 mt, up 15.03% YoY and up 2.05% MoM; cumulative exports of CCL from January to May 2026 reached 39,764.00 mt, up 10.31% YoY.