Copper Prices Rally as China Industrial Activity Hits Full Throttle

The China Restart Bid

Spot premiums in Shanghai have surged to their highest in six months. With the Lunar New Year lull definitively over, Chinese smelters are reporting an influx of orders, while global port stocks remain unseasonably lean.

Supply Chain Vulnerability

Ongoing mining disruptions in South America and declining ore grades are preventing a supply-side response to the high prices. This structural tightness is creating a permanent scarcity premium for high-grade copper cathode.