[SMM Analysis] According to data from the General Administration of Customs, China imported a total of 842,600 mt of copper cathode from January to March 2025, representing a cumulative decrease of 7.06% YoY. In March alone, imports reached 308,800 mt, up 15.24% MoM and 4.5% YoY. During the same period (January to March 2025), China exported a total of 117,500 mt of copper cathode, marking a cumulative increase of 156.25% YoY. In March, exports amounted to 68,000 mt, up 109.44% MoM and 191.98% YoY.
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