Weekly Macro Report March 5 2019

[Latest Data from the General Administration of Customs] In February 2026, China imported 167,900 mt in physical content of copper scrap and shredded copper scrap. Of this, 100,700 mt was imported through customs declarations filed with Ningbo Customs, ranking first and accounting for 59.94%; 17,400 mt was imported through customs declarations filed with Guangdong Customs, ranking second and accounting for 10.34%. (HS code: 74040000)

[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. Of this total, 139,300 mt was imported through customs declarations filed with Ningbo Customs, ranking first and accounting for 59.98%; 24,300 mt was imported through customs declarations filed with Guangdong Customs, ranking second and accounting for 10.47%. (HS code: 74040000)

The copper market is increasingly split between short-term surplus and long-term deficit expectations. Rising inventories and weak demand are weighing on prices now, but electrification trends still support a bullish long-term outlook, signaling a shift from scarcity-driven trading to fundamentals-driven correction.