Queensland Copper Theft Losses Surge, Govt Promises Tighter Laws

【SMM Copper Inventory Update】Concentrated arrivals of imported and domestic supplies, with additional cargoes queuing for warehousing, coupled with suppliers actively stocking up driven by delivery requirements, along with persistently weak consumption during the Chinese New Year on the demand side, collectively contributed to a significant inventory buildup. According to SMM data, as of February 24, 2026, social inventory of copper cathode in mainstream domestic areas increased by 154,900 mt during the holiday, reaching a five-year high, with the total volume exceeding 500,000 mt.

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 200-20 yuan/mt today, with an average discount of 110 yuan/mt, up 160 yuan/mt from the previous trading day. Transaction prices ranged from 100,530-101,740 yuan/mt, with an average price of 101,135 yuan/mt, up 1,170 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $12,967/mt overnight, hitting an early high of $12,984/mt before copper prices fluctuated downward, touching a low of $12,804/mt near the close and finally settling at $12,901/mt, down 0.76%. Trading volume reached 12,000 lots, down 4,963 lots from the previous session, while open interest stood at 318,000 lots, up 327 lots from the previous session, primarily driven by increased bear positions. The most-traded SHFE copper contract was closed overnight due to the Chinese New Year holiday.