Macquarie raised BHP's copper growth forecast due to strong performance at the Escondida mine in Chile.

[Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain in a tug-of-war. Copper prices declined somewhat during the day, and downstream enterprises showed stronger restocking sentiment, but considering the heavy concentrated purchases already made last week, actual incremental buying was relatively limited. Inventory side, according to SMM, combined social inventory in Shanghai and Jiangsu fell by about 41,600 mt, showing a sharp destocking trend. During the day, supplier quotations were steady at first and then declined, with suppliers actively selling as premiums rebounded, and the sell-off put pressure on spot prices. In addition, some suppliers had already quoted against the SHFE copper 2604 contract using cargoes with invoices dated next month during the day, indirectly reflecting moderate sales volume within the month and strong willingness to sell among suppliers. Overall, amid the tug-of-war between faster destocking and supplier sell-offs, Shanghai spot copper premiums are expected to remain at the current level tomorrow.

[Copper Foil Customs Data] According to data from the General Administration of Customs, China imported 4,877.05 mt of copper foil through Ordinary Trade in January 2026; 400.7 mt through processing trade with supplied materials; 861.73 mt through processing trade with imported materials; and 994.24 mt through other trade modes. The figures for February were 4,604.8 mt, 257.71 mt, 735.3 mt, and 844.91 mt, respectively. In January 2026, China exported 1,192.52 mt of copper foil through Ordinary Trade; 1,450.02 mt through processing trade with supplied materials; 3,369.14 mt through processing trade with imported materials; and 124.37 mt through other trade modes. The figures for February were 1,408.74 mt, 1,470.77 mt, 1,736.49 mt, and 204.49 mt, respectively.

[Copper Foil Customs Data] According to data from the General Administration of Customs, China’s copper foil import value was $134.53 million in January 2026, up 25.42% YoY and down 0.02% MoM; in February, China’s copper foil import value was $132.92 million, up 27.19% YoY and down 1.20% MoM. China’s copper foil export value was $90.40 million in January 2026, up 126.64% YoY and up 18.23% MoM; in February, China’s copper foil export value was $73.91 million, up 98.06% YoY and down 18.24% MoM. In January 2026, China’s copper foil trade deficit stood at about $44.13 million, and in February the trade deficit was about $59.01 million. The trade deficit totaled $103.14 million in January-February 2026, about $31.43 million less than $134.57 million in January-February 2025.