SMM September 22 News:
According to data from the General Administration of Customs, China imported 210,200 mt of copper cathode in August 2026, down 14.24% MoM and down 20.48% YoY. Cumulative imports from January to August totaled 1.8837 million mt, down 15.22% YoY.
China's copper cathode imports remained at a low level in August, with the core reason still being the siphoning effect of the US.
By source country, in August, China imported 69,300 mt of copper cathode from the DRC, its largest source country, down 27.66% MoM and down 41.45% YoY. Imports from Chile totaled 10,800 mt, down 28.92% MoM and down 30.86% YoY. As market expectations for US tariffs had been building earlier, the COMEX-LME price spread widened, and global copper resources once again concentrated in North America. In August, copper cathode imports from Asian regions showed growth, with imports from China totaling 47,000 mt, up 309.14% MoM and up 2,603.96% YoY. This was mainly because import arbitrage opportunities emerged intermittently in mid-July, prompting some cargoes to be imported from LME warehouses into China.
In addition, typhoon weather in August caused persistent port congestion across multiple regions in China, leading to delays in some import arrivals.
On the export side, apart from re-exports to the US, from late July through August, import arbitrage remained persistently inverted, LME maintained a high backwardation structure, and the export window opened intermittently on multiple occasions, driving growth in China's copper cathode exports in August.
In August 2026, China exported 50,400 mt of copper cathode, up 44.67% MoM and up 37.02% YoY. Cumulative exports from January to August totaled 409,000 mt, down 10.57% YoY.
Looking ahead, the LME-COMEX price spread narrowed in September, weakening re-export momentum. With China's copper cathode social inventory at low levels and downstream rigid demand during the peak consumption season, coupled with the arrival of some cargoes delayed by earlier port congestion, imports are expected to rebound in September. However, given the overall unfavorable import arbitrage from August to September, the room for import growth is expected to be limited. On the export side, the export window opened intermittently again in late September. However, with domestic spot premiums for copper cathode surging sharply and low copper cathode inventories leaving smelters with tight supply, China's copper cathode exports are expected to decline MoM in September.
![On the delivery day, trading activity was sluggish among both buyers and sellers in the market, with only sporadic purchases [SMM South China spot copper]](https://imgqn.smm.cn/usercenter/CaLPF20251217171713.jpg)
