Chinese copper buyers rushing to secure supply in a tightening market have sent a key gauge of import demand shooting to a record high. The Yangshan premium, which measures what Chinese importers pay above London Metal Exchange prices, spiked on Wednesday to more than $200 a ton. That’s the highest in Fastmarkets data going back to 2017. The surge in the premium — named after a Shanghai port that’s a major hub for Chinese copper imports — over the last couple of months reflects greater competition for the metal both inside and outside the country. The prospect of US import tariffs has seen massive volumes being sent there, while, in China, inventories have thinned and output has eased. https://www.bloomberg.com/news/articles/2026-10-29/copper-sold-out-everywhere-as-key-china-gauge-flashes-warning