Latest Update in the SMM Copper Market

【SMM Flash: US May Impose Tariffs on Imported Copper, Glencore's Smelter Suspends Operations, NY Copper Hits Record High】It is reported that US President Trump may impose tariffs on imported copper within a few weeks, intensifying market concerns about the US imposing additional tariffs on copper. Coupled with Glencore's suspension of operations at its Altonorte smelter in Chile, market sentiment regarding supply disruptions has heightened. COMEX copper, after hitting a record high during the March 25 session, once again reached a new record high of $5.3740/lb during the March 26 session.

Today, in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 200-160 yuan/mt, with an average discount of 180 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 82,200 to 82,790 yuan/mt, with an average of 82,495 yuan/mt, up 1,095 yuan/mt from the previous trading day.

Glencore Suspends Operations at Chile's Altonorte Smelter, Invokes Force Majeure Clause. According to mining.com, citing Bloomberg, Glencore Plc has halted shipments from a copper smelter in Chile after a problem arose with the smelter's furnace. This setback comes as traders and producers are rushing to ship more metal to the US ahead of a tariff hike.

Glencore Suspends Operations at Chile's Altonorte Smelter, Invokes Force Majeure Clause. According to mining.com, citing Bloomberg, Glencore Plc has halted shipments from a copper smelter in Chile after a problem arose with the smelter's furnace. This setback comes as traders and producers are rushing to ship more metal to the US ahead of a tariff hike.

According to data from the General Administration of Customs, China's copper wire and cable exports in January 2025 reached 107,100 mt, down 0.28% MoM but up 10.84% YoY. In February, exports totaled 73,300 mt, a decrease of 31.53% MoM and 10.7% YoY.