Stockpiling Nears End, Spot Premiums/Discounts Pull Back [SMM North China Spot Copper]

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 10 Feb , 2026

Looking ahead to tomorrow, spot premiums are expected to face downward pressure. Suppliers demonstrated a willingness to sell during the day, while downstream consumption weakened as some enterprises began holiday preparations and stockpiling demand was largely fulfilled, leading to a slight softening in premiums. On the supply side, previously price-locked import cargoes are arriving at ports, increasing overall market availability. However, it is noteworthy that to capture futures spread gains, most suppliers of deliverable brands are holding material for warehouse delivery, tightening the supply of such spot goods. Concurrently, buyer interest remains subdued, creating a stagnant supply-demand stalemate that is likely to suppress spot trading activity and cap premium performance.

[Shanghai spot copper] Looking ahead to tomorrow, spot premiums and discounts are expected to come under pressure. During the day, suppliers showed willingness to sell off goods, while downstream consumption weakened as some enterprises entered holidays and stockpiling was basically completed, leading to a slight drop in spot premiums and discounts. In terms of supply, previously locked imported goods arrived at ports successively, and market circulation gradually increased; however, it is worth noting that most suppliers of deliverable brands chose to hold goods and wait for delivery to obtain price spread benefits between futures contracts, resulting in a tightening of deliverable goods available for circulation in the market. At the same time, buyers' purchase willingness remained sluggish, and the market showed a stagnant supply-demand stalemate, which is expected to suppress the activity of spot trades and the performance of premiums and discounts.