Downstream Buyers Took a Wait-and-See Approach Amid Surging Copper Prices, Spot Cargo Trading Activity Remained Weak [SMM North China Spot Copper]

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 28 Jul , 2026

Zambia is advancing a structural policy shift to restrict raw copper exports and mandate local mineral processing, directing international industrial partners to invest in domestic manufacturing facilities, according to foreign media reports. State delegations are currently negotiating agreements with specialized foreign manufacturers including China’s Wuxi Jiangnan Cable, to establish local plants capable of converting raw copper cathodes into high-value fabricated goods, such as high-voltage transmission cables and industrial wiring. This strategy reflects a broader regional trend across resource-rich African nations seeking to move beyond primary extraction toward downstream industrialization. For foreign mining operators and industrial investors, maintaining access to Zambian mineral assets will increasingly require capital deployment toward domestic smelting, refining, and manufacturing infrastructure. Similar value-addition mandates are taking shape across the continent, such as West African measures restricting raw cocoa bean exports in favor of domestic processing. By enforcing local-content and downstream manufacturing requirements, Zambia aims to capture higher export margins, generate skilled industrial employment, and build resilient domestic supply chains.