Copper Market: Narrowing Contango, Limited Spot Cargo, and Anticipated Supply Increase

Published: Feb 5, 2026 13:56

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Looking ahead to tomorrow, the Contango spread between nearby contracts is expected to narrow slightly. Suppliers' willingness to ship to delivery warehouses remains, coupled with some smelters opting for stockpiling for delivery. Additionally, suppliers' sentiment to hold prices firm and their reluctance to sell are evident, leading to limited tradable spot cargo in the market, which will support the spot discount structure. Furthermore, some price-ratio locked cargoes secured during the previous period when the import window was open are expected to arrive gradually, potentially increasing supply in the short term. Overall, the spot discount for SHFE copper is anticipated to continue narrowing slightly tomorrow.

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