Contango Spread Strengthens, Spot Copper Premiums Expected to Remain High Amid Tight Supply

Published: Mar 11, 2026 13:35

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The widening contango price spread between futures contracts continued to strengthen suppliers’ willingness to ship to delivery warehouses, further tightening the availability of deliverable spot copper and providing strong support for spot premiums. Affected by this, suppliers showed strong sentiment to hold prices firm during the day, with firm quotations. Demand side, downstream buyers maintained just-in-time procurement, providing some support for prices; supply side, although social inventory remained at a high level, more than half of the cargo had already been converted into warrants, and spot circulation stayed tight. Overall, under the dominance of delivery logic, Shanghai spot copper premiums are expected to remain in premium territory tomorrow.

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