Wait-and-See Sentiment Among Downstream Buyers Increased, and Spot Premiums Pulled Back [SMM North China Spot Copper]

KoBold Metals has officially commenced the development of the Mingomba Copper Project in Zambia, aiming to bring it into production by the early 2030s. The company is now fully advancing the permitting process, with key shaft-sinking operations expected to begin in early 2027.

[SMM Shanghai Spot Copper] Copper prices opened lower with a gap in the night session yesterday, and some enterprises placed orders to restock at low levels. Intraday procurement demand increased somewhat, but considering that replenishment had already been concentrated the previous day, actual additional purchasing was limited. According to data released by SHFE on March 19, SHFE copper warrants decreased by 12,200 mt during the day, confirming that after copper prices pulled back, downstream buying-the-dip enthusiasm picked up, and the center of spot premiums moved higher accordingly. From the market structure perspective, the import profit window widened slightly, and expectations for subsequent inflows of cargo from outside China increased, which may put some pressure on the supply side. Overall, amid the tug-of-war between faster destocking and supplier selling, Shanghai spot copper premiums are expected to remain at the current level tomorrow.