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  BNP Paribas: Copper Prices May Drop to $8,500 per mt in Q2

  BNP Paribas: Copper Prices May Drop to $8,500/mt in Q2. On Friday, March 28, BNP Paribas warned that copper prices would decline in the coming months as efforts to ship copper to the US ahead of tariff implementation gradually diminish. Earlier this week, London copper futures climbed above the $10,000/mt mark, while New York copper futures hit a record high, with a significant price spread across the Atlantic.

• Codelco shifted more spot copper sales to the US.

  【Chile's Codelco Shifts More Spot Copper Sales to the US】On Friday, March 28, Ruben Alvarado, CEO of Codelco, the world's largest copper producer, stated that the company had already shifted some spot sales to the US.

• Last year, electromagnetic wire contributed over 40% of the profit. Jinbei Electric: The third phase of flat electromagnetic wire is expected to add a capacity of 6,000 mt in Q2.

  Last year, electromagnetic wire contributed over 40% of the profit. Jinbei Electric: The third phase of flat electromagnetic wire is expected to add 6,000 mt of capacity in Q2. ① The demand for electromagnetic wire is robust, with the company's 2024 revenue up 15.54% YoY and net profit attributable to the parent company up 8.78% YoY. ② The capacity expansion of the third phase of flat electromagnetic wire for NEV motors at Jinbei Electromagnetic Wire is underway, with the first batch of 6,000 mt capacity expected to be gradually released in Q2 this year. (Cailian Press)

• Metals Generally Declined, Copper Futures Fell Due to Low Risk Appetite [LME Closing on March 28]

• Overseas Secondary Copper Raw Material Imports Decline, Where Do Import Traders Go? [SMM Analysis]

  【SMM Analysis: Decline in Overseas Secondary Copper Raw Material Imports, Where Will Import Traders Go?】 According to customs data, the imports of secondary copper in January and February 2025 were 18.92 mt and 193,400 mt respectively, showing varying degrees of decline compared to December of previous years. There are two main reasons for this. First, after Trump took office, he continuously imposed additional tariffs on Chinese imports, and China also implemented various countermeasures. However, based on Trump's previous term, frequent trade wars between China and the U.S. occurred...