[SMM data] the price difference between the fine waste price of bright copper wire on July 10, 2020

Zambia’s refined copper exports rose 7.4% YoY to 446.1 kt in H1 2026, far outpacing the 0.45% increase in national copper production to 447.2 kt. Export growth was concentrated in June, while mine gains at Kansanshi, Sentinel and Lumwana were partly offset by weaker output elsewhere. The data show stronger export flows, but underlying production growth remains modest relative to Zambia’s 3 Mt target for 2031.

Looking ahead to next week (September 11-September 17) for copper wire and cable enterprise operations, end-user clients are inclined to wait for a slight rebound in copper prices before making just-in-time procurement to avoid downside price risks. SMM expects the operating rate of copper wire and cable enterprises to edge down 0.3 percentage points WoW to 63.41% next week, down 2.43 percentage points YoY. If copper prices see a slight rebound, the operating rate could come in better than current expectations, and copper price movements warrant close tracking going forward.

This week (September 4-September 10), the operating rate of SMM copper wire and cable enterprises came in at 63.71%, down 2.93 percentage points WoW and down 3.91 percentage points YoY. During the week, copper prices fluctuated at highs overall, continuing to suppress downstream order releases. On the inventory side, high copper prices weakened wire and cable enterprises' willingness to stockpile raw materials, with days of raw material inventories down 2.93% WoW. Weak end-use demand and insufficient willingness to pick up goods drove days of finished product inventories up 2.63% WoW.