SMM

The import margin for  copper cathodes has rapidly deteriorated. By February 21, the import loss for the SHFE CU2503 contract had exceeded 1,300 CNY/ton, which indicates that the copper cathodes export profit window has opened significantly again since May 2024.Back to the export window opened in May 2024, the import loss peaked at 2,000 CNY/ton, with cumulative exports reaching 230,000 tons between May and June, and June's single-month export of 150,000 tons setting a historical high. The question now is whether this price collapse will trigger another large-scale export? The following is a detailed analysis.