Refined Copper Rod Exports Showed Steady YoY Growth in January-February: Is Processing Trade a Flash in the Pan or the Future Mainstream? [SMM Analysis]: As the refined copper rod export market completed its structural transformation by 2025, the market paid close attention to the copper rod export situation in January-February 2025. Amid policy changes, can the copper rod export volume remain stable in 2025? The following is a detailed analysis:

【Copper Prices in the US Hit Record High Amid Tariff Storm, Institutions Predict the Era of Copper Shortage May Have Begun】①US copper futures prices continued to rise, reaching a high of $5.2255/lb, surpassing the previous record set in May last year. ②Since the beginning of the year, US copper prices have accumulated a nearly 30% increase, primarily due to the potential imposition of hefty tariffs on imported copper by the Trump administration, prompting traders to rush shipments. (Cailian Press)

As copper prices continued to rise, with consumption being suppressed by the absolute price and the operating rate of secondary copper rod production passively reduced during a period of policy watch, the discount of secondary copper rod against copper futures declined throughout March. The price difference between copper cathode rod and secondary copper rod has reached its highest level since September 2024. Against this backdrop, how is the current market for refined and secondary copper rods performing? Has the supply of copper anodes increased? A detailed analysis follows:

BHP CEO Mike Henry stated at the China Development Forum last weekend that a 10-million-mt global copper supply gap is expected over the next decade.