A Sharp Decline in SHFE Copper Warrants, Stronger Destocking, Falling Copper Prices, and Robust Downstream Purchasing

Published: Mar 20, 2026 15:28

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According to data released by the SHFE on March 20, SHFE copper warrants fell sharply across the board during the day, with total inventory down 18,528 mt from the previous trading day. The decline widened markedly from the previous trading day, and the degree of destocking further strengthened. By region, warrants in major consumption areas posted significant declines: Shanghai down 10,283 mt, Guangdong down 2,654 mt, and Jiangsu down 5,591 mt. Copper prices extended their decline during the day, and downstream enterprises showed strong enthusiasm for buying the dip. Suppliers actively made shipments as spot discounts narrowed, and a large volume of warrant cargo flowed out and was absorbed by downstream enterprises, reflecting the attractiveness of current price levels to downstream enterprises.

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