Shanghai Copper Market Sees Price Sensitivity, Contango Support Amid Slowing Destocking and Supply Inflows

Affected by multiple factors including declining end-use demand, weak follow-up of new orders due to earlier concentrated orders having overdrawn future demand, and copper prices fluctuating at highs, industry orders and operating rates in the enamelled wire sector continued their downward trend. This week (April 17–April 23), new industry orders fell by another 4.73 percentage points, and operating rates dropped below 80%.

This week (April 17 – April 23), the enamelled wire industry's operating rate continued to weaken, with the industry's capacity utilization....

MMG Limited (MMG) has made a strong start to 2026, delivering solid first quarter production results and safety improvements.Total copper production, including copper in concentrate and cathode, increased nine per cent year-on-year to 128,698 tonnes. A result underpinned by robust performances at Las Bambas and Kinsevere. Precious metals production was also impressive, with gold output increasing by 24 per cent and silver by 27 per cent compared with the prior year period. Group precious metals production totalled 32,177 ounces of gold and 2,888,861 ounces of silver. Total zinc production was 50,263 tonnes, three per cent lower than the prior year.