Hot News

• 

  Year-End Volatility in the Copper Scrap Market: The Supply-Demand Dilemma Amid High-Price Suppression and Policy Uncertainty

  This week, the copper scrap market retreated after a rapid rise as copper prices hit a record high, with overall trading remaining sluggish. At the beginning of the week, copper prices climbed to 98,800 yuan/mt, an increase of 740 yuan/mt, while Guangdong bare bright copper prices followed the upward trend to 87,000 yuan/mt, marking a weekly gain of 1,400 yuan/mt. The price difference between primary metal and scrap once widened to 5,225 yuan/mt, theoretically giving secondary copper a significant economic advantage, but actual demand did not correspondingly release. Overseas markets came to a standstill due to the Christmas and New Year holidays, and trade in imported recycled copper raw materials was largely suspended.

• 【SMM Announcement】SMM Domestic Prices Suspended During New Year Holiday; Overseas Prices Resume on Jan 2

  The 2026 New Year's Day holiday is around the corner. Below is SMM's service schedule for your reference:

• China’s Refined Copper Exports Expected to Remain Above 100kt in January 2026

  From November to December 2025, China’s copper cathode exports remained elevated, with monthly exports exceeding 100,000 tonnes for two consecutive months, reaching 143,000 tonnes in November and a preliminary estimate of 85,000 tonnes in December. As global regional price structures remain misaligned, the counter-cyclical export window has yet to close. Exports in January 2025 are expected to stay strong, likely above the 100,000-tonne threshold.

• In January 2026, Exports Are Expected to Remain Above 100,000 mt, Counter-Cyclical Window Likely to Continue [SMM Analysis]

  [SMM Analysis] China's copper cathode exports continued to fluctuate at highs from November to December 2025, with monthly exports exceeding 100,000 mt for two consecutive months, reaching 143,000 mt and a preliminary estimate of 85,000 mt, respectively. As the global regional price spread structure remained mismatched and the counter-cyclical export window had not yet closed, exports in January 2025 were expected to maintain their strength, likely remaining above the 100,000 mt mark.

• Various Issue will Lead to a Unpredictable Offshore Spot Market in the End of 2025

  With only three trading days this week, the spot market remained firmly in a seasonal lull. As January exports are expected to rise sharply, premiums for warehouse warrants and bills of lading came under downward pressure. Meanwhile, liquidity in the spot market weakened amid cash recovery needs.