China’s smelters bought sharply less copper ore in October, customs data showed on Tuesday, adding to a supply squeeze that has already pushed Chinese premiums for physical copper to records.
MoneyTurkey Commodities Desk | 10 November 2026
Key points
- Copper concentrate imports fell to about 2.17 million tonnes in October, down 11% from 2.45 million a year earlier and from 2.48 million in September.
- Imports for January to October fell 3.8% to 24.14 million tonnes.
- Smelters face negative processing fees and falling sulphuric acid prices, and said production cuts were on the way, Reuters reported.
What happened
Imports of copper concentrate, the main feedstock for smelters, came to 2.17 million tonnes last month, according to China’s General Administration of Customs, as reported by Reuters. Shanghai Metals Market put the drop at 11.59% from a year earlier and 12.69% from September.
Imports of unwrought copper and copper products, which include refined metal, slipped 1.7% from September to 453,000 tonnes, though they were 3.4% higher than a year earlier. For the first ten months they were down 5.5% at 4.21 million tonnes.
Why smelters are pulling back
Chinese smelters are being squeezed from two sides. Ore is so scarce that processing fees, which miners normally pay smelters to turn concentrate into metal, have turned negative. At the same time, sulphuric acid, a by-product that had helped offset those losses, is fetching less, Reuters reported. Chile’s Redimin said some smelters had flagged cuts but had not given volumes or timing.
Why it matters
Less ore going into Chinese smelters means less refined copper coming out, in the country that uses most of the world’s supply. The physical market is already tight: on Monday the Yangshan premium for copper shipped into China hit a record $230 a tonne, Reuters reported, and Shanghai spot premiums tripled in two weeks.
What to watch
- Whether smelters announce specific output cuts for November and December
- China’s refined copper output and November customs data
- Shanghai spot and Yangshan import premiums
Related on MoneyTurkey
- China Copper Squeeze Deepens
- Codelco, Pucobre Win Nod for $870 Million Chile Copper Mine
- Singapore Opens 500-Tonne Gold Vault to Central Banks
For information only. Not investment advice.
Sources
- Mining.com (Reuters): China’s copper concentrate imports slump 11% in October as smelter woes deepen
- Mining.com.au (Reuters): China copper concentrate imports fall 11% in October
- Shanghai Metals Market: Oct copper concentrates imports down 11.59% YoY
- General Administration of Customs of China: China’s major imports by quantity and value, October 2026
- Redimin: Importaciones de concentrado de cobre de China caen 11% en octubre
- MoneyTurkey: China Copper Squeeze Deepens (Yangshan premium record, citing Reuters)
