[November Copper Cathode Imports Remained High, Unlikely to Sustain in December] According to data from the General Administration of Customs, China imported a total of 3.3684 million mt of copper cathode from January-November 2024, up 5.29% YoY. Among these, November imports reached 359,800 mt, up 0.14% MoM but down 4.99% YoY. From January to November, China exported a total of 440,700 mt of copper cathode, up 64.19% YoY. Among these, November exports reached 11,600 mt, up 13.32% MoM but down 30.67% YoY.

SMM Analysis: "Reverse Invoicing" Becomes a Hot Topic Again, Secondary Copper Rod Enterprises Respond Differently According to SMM survey data, the operating rate of secondary copper rod enterprises reached 31.95% this week (18 surveyed enterprises, total capacity of 1.94 million mt/year), up 0.4 percentage points WoW but down 7.25 percentage points YoY. The average price spread of refined and secondary copper rods this week was 692 yuan/mt, a decrease of 327 yuan/mt compared to last week's 1,019 yuan/mt. Meanwhile, the average discount of secondary copper rod prices in Jiangxi was 64 yuan/mt, up 376 yuan/mt WoW...

[SMM Analysis: November 2024 Copper Foil Customs Details, Export Volume Increased Significantly Due to Policy Impact] According to data from the General Administration of Customs, China's copper foil imports in November 2024 were approximately 7,007.25 mt, down 8.84% YoY and 0.61% MoM; from January to November 2024, China's cumulative copper foil imports were approximately 82,834.47 mt, down 1.33% YoY...

[Peru's Copper Production Expected to Remain Flat for Third Consecutive Year in 2025] Peru's top mining association and industry analysts stated that copper production is being constrained due to declining ore grades and a lack of new projects. Peru's copper production in 2025 is expected to remain flat for the third consecutive year. After years of extraction, declining ore grades have made it increasingly difficult for the country's miners to maintain production levels. Meanwhile, anticipated demand from EVs, renewable energy, and data centres could lead to a severe copper supply shortage over the next decade. (Webstock Inc.)

[SMM Analysis: November Copper Wire and Cable Exports Declined, Has the Overseas Market Peak Passed?] According to data from the General Administration of Customs, in November 2024, China exported a total of 2.221 million mt of wire and cable, down 8.02% MoM, up 9.3% YoY. From January to November, China exported a total of 2.4128 million mt of wire and cable, with a cumulative increase of 16.69% YoY. Among them, copper wire and cable exports totaled 95,000 mt, down 14.94% MoM, up 9.12% YoY. From January to November, China exported a total of...

[SMM Commentary: Macro Headwinds Weigh on Copper Prices, Mid-Week Destocking Slows, Copper Market May End the Year "Weak"] The US Fed's "hawkish interest rate cut," faster-than-expected US Q3 economic growth, and a larger-than-expected drop in initial jobless claims earlier this week pushed the US dollar index to a new high of 108.55 on December 20, the highest level since November 2022. After hitting this over two-year high, the US dollar index pulled back. LME copper rebounded slightly at the end of the week; however, macro headwinds suppressed copper prices during the week, leaving the weekly performance still in decline. As of 16:37 on December 20, LME copper rose 0.66% to $8,942/mt, with a weekly decline of 1.22%; SHFE copper fell 0.22% to 73,820 yuan/mt, with a weekly decline of 1.22%.

[SMM Analysis: Copper Anode Imports Rebounded MoM in November, Down 14.23% YoY Cumulatively] According to data from the General Administration of Customs, China imported 69,800 mt of copper anode in November 2024, up 15.59% MoM but down 17.03% YoY. From January to November 2024, cumulative copper anode imports reached 815,800 mt, down 14.23% YoY...

This week, the SMM survey covered the production and sales of major medium and large-sized copper rod enterprises in China.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Dec 20, 2024