Shanghai Copper Market Sees Weak Supply-Demand, Spot Discounts to Narrow Further Amid Tight Supply

Published: Feb 4, 2026 17:07

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The Shanghai spot copper market is expected to remain weakly structured. A slightly widened nearby contango is incentivizing suppliers to move spot material into warehouse warrants, limiting liquidity tightness. Concurrently, smelters' delivery stockpiling and suppliers' strong price-holding sentiment are restricting available spot supply, supporting the prevailing discount. With the holiday approaching, downstream procurement has largely slowed, diminishing demand-side support for prices. Amid high prices, tight supply, firm holder sentiment, and spread pressure, spot discounts are forecast to narrow slightly further tomorrow.

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