Trafigura Sourcing Large Copper Volumes Amid Record China Supply Squeeze

Key Facts

Trafigura is seeking large volumes of copper to boost its sales into Asia for delivery in November and December 2026. Mining.com.au reported that spot copper premiums in Shanghai hit a record 2,615 yuan per tonne as the market grapples with a deepening supply squeeze in China.

The aggressive sourcing by the trading giant follows data from November 2, 2026, showing China's Caixin Manufacturing PMI at 52, which exceeded forecasts and indicated resilient industrial demand. This physical tightness has created a significant supply-demand imbalance, prompting major market participants to secure immediate metal volumes.

China is scheduled to release its Balance of Trade data, including specific export and import figures, on November 10, 2026. These figures will be critical in assessing commodity flow trends and the scale of the ongoing supply deficit in the Chinese market.