In March 2024, China imported 2.330 million tons of copper concentrate and ore, a month-on-month increase of 5.9% and a year-on-year increase of 15.3%; from January to March, China imported a total of 6.988 million tons of copper ore and concentrate, an increase of 5.1% over the same period last year.

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Metals market: As of midday close, the base metals in the domestic market were generally lower. Shanghai lead and Shanghai zinc rose slightly, and the increase was within 0.5%. Shanghai copper, Shanghai aluminum, and Shanghai nickel all fell, and the decline was within 0.6% (inclusive).

Copper inventories in the domestic bonded zones increased 4,300 mt from April 18 to 77,700 mt as of Thursday April 25, according to the latest SMM survey.

In the week ending April 26, copper prices fell slightly first and then rose. While the Federal Reserve continued to make hawkish remarks, the US dollar has rolled back gains, easing the pressure on copper prices to a certain extent; the decline in international gold prices and China’s A-shares in the first half of the week caused a slight drop in copper prices, but the 10-day moving average provided strong support. In the second half of the week, copper prices rebounded to above the 5-day moving average.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Apr 26, 2024

LME copper prices opened at $9902/mt and closed at $9900/mt last evening, up 1.12%, with the highest of $9958/mt and the lowest of $9736/mt.

LME copper prices opened at $9902/mt and closed at $9900/mt last evening, up 1.12%, with the highest of $9958/mt and the lowest of $9736/mt. Trading volume was 28,000 lots, and open interest stood at 332,000 lots.

At the 2024 (19th) SMM Copper Industry Conference and Copper Industry Expo - Copper Raw Materials and Consumption Development Forum, jointly organized by SMM and Shandong Humon Smelting Co., Ltd., SMM Copper Senior Analyst Liang Kaihui analyzed China's copper scrap recycling, utilization and prospects.

At the 2024 (19th) SMM Copper Industry Conference and Copper Industry Expo - Copper Raw Materials and Consumption Development Forum, jointly organized by SMM and Shandong Humon Smelting Co., Ltd., SMM Copper Senior Analyst Wu Yifan shared the copper market against the background of shortage of copper raw material supply.