China Cuts Copper Imports, Boosts Exports, Shifts Global Supply Power
China’s refined copper imports fell to the lowest level since 2011, dropping to 125,350 t in February 2026, while smelter exports surged to 172,000 t in the first two months. Domestic smelting capacity grew 9% year‑on‑year, and inventories at the Shanghai Futures Exchange peaked at 433,500 t, dampening immediate demand. The net draw on global copper supplies fell to just 283,000 t, the weakest start to a year since 2006, signalling a shift of production power toward China.
China’s refined copper imports fell to the lowest level since 2011, dropping to 125,350 t in February 2026, while smelter exports surged to 172,000 t in the first two months. Domestic smelting capacity grew 9% year‑on‑year, and inventories at the Shanghai Futures Exchange peaked at 433,500 t, dampening immediate demand. The net draw on global copper supplies fell to just 283,000 t, the weakest start to a year since 2006, signalling a shift of production power toward China.
Short‑term, lower import demand may ease upward price pressure, but the surge in Chinese exports could keep supply high, leading to continued volatility. Traders should monitor inventory levels and export flows for signals of further price swings.