China's Imported Copper Cathode Losses Widen, Some Supplies Exported

Published: Aug 12, 2026 15:14

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[SMM Import & Export Copper Market Flash] Recently, the import loss for Chinese copper cathode has continued to widen, and the export window for copper cathode has begun to open. As of press time, the import loss for the August contract is about 1,700 yuan/mt, and for the September contract, about 900 yuan/mt. According to SMM, the opening of the export window for copper cathode this round is mainly due to the significant backwardation structure of LME nearby contracts. Changes in Chinese and overseas market prices and term structures have created export arbitrage conditions for some copper cathode. Currently, the planned exports are about 20,000 mt. However, as the August contract approaches delivery, the exported copper cathode mainly flows into Chinese bonded zones. Going forward, as the Chinese and overseas market term structures are further adjusted, the copper cathode export window and goods flow still need continuous attention.

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