Shanghai Spot Copper Price Spread Narrowed as Consumption-Driven Characteristics Emerged [SMM Shanghai Spot Copper]

Published: Mar 25, 2026 11:49

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[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain under pressure. After copper prices jumped, downstream procurement sentiment pulled back, indicating limited acceptance of current price levels. From the market structure perspective, suppliers showed strong willingness to sell, with some brands continuing to offload cargo, putting pressure on discounts. Downstream buyers mostly maintained a wait-and-see stance, with procurement mainly driven by rigid demand and buying on dips. It is worth noting that the price spread between high-quality copper and standard-quality copper narrowed somewhat from the previous period, indicating that the market trading structure has become more rational, with actual consumption demand becoming the dominant force at the current stage. Overall, amid the tug-of-war between suppliers actively selling and downstream buyers purchasing cautiously, spot prices against the 2604 contract are expected to maintain the current discount level tomorrow.

SMM News, March 25:

In early trading, the SHFE copper 2604 contract gapped higher at the open, continued to rise, and then dropped back slightly. It opened at 94,590 yuan/mt, jumped to 95,890 yuan/mt after the open, then continued higher to a peak of 96,260 yuan/mt. Prices then pulled back somewhat and fluctuated between 95,500 yuan/mt and 95,800 yuan/mt, with the closing price at 95,500 yuan/mt. The nearby price spread between futures contracts was between Contango 20 yuan/mt and Backwardation 20 yuan/mt, while the import profit margin for the front-month SHFE copper contract was between a profit of 150 yuan/mt and 240 yuan/mt.

Intraday, sales sentiment for copper cathode in Shanghai was 2.77, up 0.02 MoM, while procurement sentiment was 2.55, down 0.04 MoM. . At the start of morning trading, suppliers quoted standard-quality copper at discounts of 80 yuan/mt to 60 yuan/mt, among which JCC and Lufang were quoted at discounts of 70 yuan/mt to 60 yuan/mt; Dajiang PC, Jinchuan isa, Zhongtiaoshan, Jinfeng, Zijin, and Honglu were quoted at discounts of 80 yuan/mt to 70 yuan/mt; Jinguan, Jinxin, Tongguan, and Jintun pc were quoted ex-works at discounts of 80 yuan/mt to 70 yuan/mt. High-quality copper such as Guixi, Jinchuan (plate), and Jintun plate was quoted at discounts of 60 yuan/mt to 50 yuan/mt. Non-registered copper was quoted at discounts of 170 yuan/mt to 150 yuan/mt. Subsequently, some suppliers engaged in sell-offs, with JCC and Lufang traded at discounts of 90 yuan/mt to 80 yuan/mt, and Tiefeng traded at a discount of 120 yuan/mt, dragging overall market premiums lower. Entering the second trading session, suppliers cut prices further. Standard-quality copper such as Dajiang PC, Jinchuan isa, Zhongjin, and Zhongtiaoshan was successively traded at quoted discounts of 100 yuan/mt to 90 yuan/mt, while Tiefeng, Honglu, and OLYDA were traded at discounts of 120 yuan/mt to 110 yuan/mt. Non-registered copper was traded at discounts of 200 yuan/mt to 170 yuan/mt.

Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain under pressure. After copper prices jumped, downstream procurement sentiment pulled back, indicating limited acceptance at current price levels. From the market structure perspective, suppliers showed strong willingness to sell, and continued sell-offs in some brands pressured discounts. Downstream players mostly stayed on the sidelines, with procurement mainly driven by rigid demand and bargain buying. Notably, the price spread between high-quality copper and standard-quality copper narrowed from earlier levels, indicating that the market trading structure has become more rational, with actual consumption demand becoming the dominant force at this stage. Overall, amid the tug-of-war between active shipments by suppliers and cautious downstream procurement, Shanghai spot copper against the 2604 contract is expected to maintain the current discount level tomorrow.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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