Peru Political Uncertainty Raises Concerns for Copper Investment

[SMM Shanghai spot copper] Looking ahead to tomorrow, approaching delivery, the C-month price spread holds between 70 yuan/mt and -20 yuan/mt, with suppliers, bullish on near-term premiums, holding back from selling. In addition, SMM understands that some enterprises have exported spot cargoes to bonded warehouses, tightening available supply. Moreover, the import window remains closed, limiting the inflow of ex-China cargoes. Overall, supported by consumption demand and delivery-related dynamics, the discount of Shanghai spot copper against the SHFE 2606 contract is expected to continue narrowing tomorrow, with some brands likely to remain at parity or a slight premium.

[SMM Imported Copper Concentrate] According to the latest data from the General Administration of Customs, China's copper concentrate imports in May 2026 were 2.361 million mt, up 0.40% MoM but down 1.73% YoY. In January-May 2026, cumulative copper concentrate imports reached 12.275 million mt, a slight cumulative YoY decrease of 1.0%.