Copper Prices Pulled Back, Shifting the Trading Range Lower and Stimulating Downstream Restocking Enthusiasm

Published: Mar 18, 2026 14:37

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During the day, the SHFE copper 2604 contract declined somewhat, with its trading range shifting lower to around 98,100-98,500 yuan/mt. According to SMM communications, after the center of copper prices moved lower, market buying interest recovered markedly. Downstream processing enterprises reported that order volumes from end-users had risen recently, and they were actively replenishing raw material inventory amid the pullback in copper prices. At the same time, upstream smelters also reported strong buying sentiment in the spot market, with relatively active downstream procurement and smooth overall transactions. This round of pullback in copper prices stimulated previously suppressed restocking demand, and downstream enterprises showed strong willingness to buy the dip.

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