Boliden Earnings Improve as Investors Stay Bullish on European Copper Exposure

According to SMM, demand from end-use sectors such as new energy and power transformers currently maintained a steady trend; demand from the home appliance and two-wheeler markets was generally subdued, with a notable decline in demand from the refrigeration industry, which significantly dragged down enamelled wire market demand. Although copper prices pulled back slightly recently, wait-and-see sentiment remained strong in the downstream market. Combined with the gradual arrival of the traditional industry off-season, overall industry orders remained under pressure.

In Q1 2026, the AC motor industry for air conditioners was generally weak, with production and sales pulling back significantly YoY. The market exhibited a pattern of sharply weakening exports and simultaneously pressured domestic sales.

ChinaIOL data showed that in Q1 2026, China's total central air conditioning sales reached 36.73 billion yuan, up 1.5% YoY. Domestic sales amounted to 29.63 billion yuan, down 2.1% YoY, while export value reached 7.1 billion yuan, up 20.0% YoY. The strong export growth was mainly driven by the release of infrastructure demand, accelerated channel expansion by Chinese enterprises outside China, and restocking in certain regions.