Tight spot copper cathode supply in China limits actual export volumes

Published: Sep 23, 2026 11:44 (GMT+8)

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[SMM Copper Cathode Export Update] In late September, the SHFE/LME copper price ratio pulled back to 7.6, and import losses widened to more than 1,500 yuan/mt. However, SMM data showed that on September 23, SMM #1 copper cathode spot prices against the SHFE copper 2610 contract stood at a premium of 1,200-1,480 yuan/mt; on September 21, SMM copper inventories in major China's regions fell to 74,800 mt, at around the 1st percentile over the past year, with smelters holding scarce available cargoes and already oversold. The survey showed that smelters with copper concentrate processing trade with imported materials manuals and export qualifications have no significant export plans for the time being.

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