Imported copper premiums in China rose sharply after the holiday, with Yangshan registered warrant transactions averaging $132 per metric ton for the week of Oct. Prices ranged from $120 to $144 per ton for November shipment, while bills of lading averaged $127 per ton and ranged from $120 to $134. Equivalent-quality copper CIF bills of lading averaged $61 per ton, within a $56-$67 range.
The increase pushed registered warrant and bill-of-lading premiums to their highest level in nearly four years as buyers competed for immediately available cargoes. Trading strengthened as the gap between nearby London Metal Exchange contracts narrowed, the import price ratio improved and downstream demand recovered. Unstable shipping schedules also encouraged sellers to keep offers firm.
China’s bonded copper inventories rose by about 7,600 tons from Oct. 8 to 31,200 tons by Oct. Shanghai inventories increased by 7,700 tons to 28,200 tons, while Guangdong inventories fell by 100 tons to 3,000 tons. The increase ended a run of weekly declines after cargoes delayed by port congestion arrived in a concentrated wave at the beginning of the week.
The immediate inventory increase did not erase the market’s broader tight-supply narrative. London inventories had been declining, Chinese stocks remained low and both markets were showing backwardation. Canceled LME warrants and delayed cargoes were expected to arrive later in October, potentially pressuring the import ratio, while expectations of lower domestic refined-copper production supported continued firmness in spot premiums and further negotiation between buyers and sellers.
Separately, Mingyi Electronics, a Sanfu New Materials subsidiary, launched gantry electroplating equipment for circuit boards with aspect ratios of 40: 1 or higher. The customizable systems support phosphorized copper balls and insoluble-anode configurations and are designed for high-end applications including AI-server PCBs and integrated-circuit substrates. The equipment has completed technical testing, received recognition from leading Chinese server-PCB manufacturers and moved into production and delivery with multiple orders in hand.
The equipment rollout follows the company’s broader expansion of vertical continuous plating systems for multilayer boards, high-frequency boards, HDI products and IC substrates. A company update said its existing equipment lines had entered accelerated production and concentrated delivery, reflecting demand for more precise plating in higher-density PCB manufacturing.