Watch Out: Large Traders to Deliver Copper to LME Soon?

Yesterday’s night session, copper prices opened lower with a gap, and some enterprises placed orders to restock at low levels. Intraday procurement demand increased somewhat, but given the concentrated replenishment on the previous day, actual incremental buying was limited. From the market structure perspective, the import arbitrage window widened slightly, and expectations for subsequent inflows of cargoes from outside China increased, which may put some pressure on the supply side. Overall, amid the tug-of-war between faster destocking and supplier sell-offs, Shanghai spot copper premiums are expected to remain at current levels tomorrow.

[Latest Data From the General Administration of Customs] In January 2026, China imported 232,300 mt in physical content of copper scrap and shredded copper scrap, down 2.78% MoM and up 22.82% YoY. Imports in February were 167,900 mt in physical content, down 27.72% MoM and down 13.14% YoY. Cumulative imports in January-February 2026 reached 400,300 mt in physical content, up 4.64% YoY cumulatively. (HS code: 74040000)

KoBold Metals has officially commenced the development of the Mingomba Copper Project in Zambia, aiming to bring it into production by the early 2030s. The company is now fully advancing the permitting process, with key shaft-sinking operations expected to begin in early 2027.