Shanghai Spot Copper Under Pressure as Imports Rise and Demand Weakens

Published: Mar 16, 2026 13:16

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Tomorrow, Shanghai spot copper quotes against the 2604 contract, with a contango spread of 110-60 yuan/mt between 2604 and 2605. Supply side: strong selling willingness, wide import window boosting inflow expectations, pressuring premiums. Demand: copper prices back below 100,000 yuan/mt but downstream buying weak; intraday trading muted, end-users cautious. SMM social inventory at 547,300 mt, down 26,600 mt but still high. With strong import expectations, supply pressure persists. Overall, with contract rollover done and strong import expectations, Shanghai spot copper expected under pressure tomorrow, discounts may widen.

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