Copper Cathode Spot Supply Remained Relatively Tight

[SMM Copper Anode market] Due to the narrowing price difference between copper cathode and scrap, the operating rate of China's scrap-derived copper anode producers declined, with production mainly carried out to fulfill long-term contracts. From March 13 to 19, the operating rate of SMM scrap-derived copper anode plate enterprises was 58.31%, down 0.5 percentage points WoW. As copper prices fell sharply, the operating rate is expected to decline to 54.65% next week.

According to data released by the SHFE on March 19, copper warrants saw significant declines across major regions, with total inventory dropping by 12,244 tons from the previous trading day, marking a substantial drawdown. Copper prices continued their downward trend during the day, with the trading range dipping to 94,000-95,800 yuan per ton. The price drop stimulated downstream companies' enthusiasm for buying on dips, pushing the spot premium/discount center upward. Taking advantage of the rebounding premiums, holders actively shipped their warrants, leading to a large outflow of inventory that was subsequently absorbed by downstream consumers. This indicates that current price levels have become increasingly attractive to end-users.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 Mar , 2026