Import Parity Inversion and Spot Premiums Weaken; Watch China’s Export Situation Going Forward

Published: Aug 5, 2026 13:40

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[SMM Imported Copper Market] Recently, China’s import parity inversion has been notable, and the backwardation structure of near-term LME contracts has widened. Sellers in the imported copper market have become more active in offering, and coupled with mediocre downstream consumption demand, spot premiums have shown a trend of retreating from highs. However, as the siphon effect from North America persists, imported copper supply replenishment is expected to remain limited in China, keeping spot premiums supported on the downside. In addition, some smelters have export expectations, so China’s subsequent export situation needs to be closely monitored.

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