Robert Friedland(@robert_ivanhoe):China’s copper cathode premium soared to an all time record high of $158 per tonne today. At a time when the market is questioning copper demand linked to AI capex deployment, the world’s largest copper consuming economy, BY A MILE, is signaling that it is starving for material. With the majority of global exchange stocks sitting in the US, China is sending an extremely strong signal of tight physical availability, showing it is willing to pay up to ensure metal is brought into the country.

2026.10.22 21:17

China’s copper cathode premium soared to an all time record high of $158 per tonne today. At a time when the market is questioning copper demand linked to AI capex deployment, the world’s largest copper consuming economy, BY A MILE, is signaling that it is starving for material. With the majority of global exchange stocks sitting in the US, China is sending an extremely strong signal of tight physical availability, showing it is willing to pay up to ensure metal is brought into the country.