Main Market conditions of Metals in the previous issue on July 23, 2019

According to data from the General Administration of Customs, China exported 12,052.46 mt of copper enamelled wire in January 2026, down 1.19% YoY; exports were 10,239.85 mt in February, up 39.64% YoY. In January-February 2026, cumulative exports of copper enamelled wire totaled 22,292.31 mt, up 14.14% YoY. (HS code 85441100)

According to data released by the SHFE on March 20, SHFE copper warrants fell sharply across the board during the day, with total inventory down 18,528 mt from the previous trading day. The decline widened markedly from the previous trading day, and the degree of destocking further strengthened. By region, warrants in major consumption areas posted significant declines: Shanghai down 10,283 mt, Guangdong down 2,654 mt, and Jiangsu down 5,591 mt. Copper prices extended their decline during the day, and downstream enterprises showed strong enthusiasm for buying the dip. Suppliers actively made shipments as spot discounts narrowed, and a large volume of warrant cargo flowed out and was absorbed by downstream enterprises, reflecting the attractiveness of current price levels to downstream enterprises.

【SMM Copper Cathode Rod Flash Update】The pullback in copper prices boosted copper cathode rod enterprises' willingness to restock, with enterprises stockpiling as needed, while continued cargo pick-up from downstream drove a rapid drawdown in finished product inventories. Enterprises are expected to maintain high operating rates next week to ensure deliveries, while remaining cautious about picking up goods for high-priced orders and strictly controlling order intake to avoid risks.