Shanghai Copper Market to Face Ongoing Pressure Amid Slower Demand and Contango Structure

Chile's central bank reported that the country's copper export value in March reached $5.16 billion, up 14% YoY. Chile is the world's largest copper-producing country. The bank also said the country posted a trade surplus of $3.06 billion for the month, slightly above the $3 billion expected by economists in a survey.

Xike Materials (600255) announced the company expected Q1 2026 net profit attributable to the parent company to be 15 million yuan to 18 million yuan, up 67.93% to 101.52% YoY.During the reporting period, the company continued to adjust its product mix and increase sales of high-value-added products. Meanwhile, it strengthened inventory turnover and production scheduling, maintaining good control over metal content for turnover purposes, which effectively expanded profit margins and drove a notable YoY increase in the operating performance of its major subsidiary.

Based on calculations derived from the production plans of major smelters, Japan's copper cathode production in H1 of fiscal year 2026/27 is expected to grow 3.3% YoY, driven by firm demand for copper alloy products and copper wire in the power sector.H1 of the fiscal year runs from April to September.A spokesperson for Pan Pacific Copper (PPC), Japan's largest copper supplier, said the company's copper cathode production in H1 is expected to rise 7.5% YoY, as the operating rate at smelters under JX Advanced Metals is expected to improve.