Africa's 2026 Long Positions Delayed by Downstream Execution, Market Fragmentation

According to SMM, recently some companies in the market have reported delays or non-execution of long-term orders in Africa for 2026. Previously, due to US tariff expectations, LME-COMEX price spread arbitrage, and other factors, resource competition in Africa was intense, causing long-term premiums to rise significantly year-on-year. Currently, market premiums are low, and global inventories continue to build up, resulting in a clear disconnect between long-term orders and the spot market. (SMM)

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