Shanghai Spot Copper Tight, Premiums Rise, Transactions Diverge.

Published: Jul 21, 2026 10:20

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[SMM Shanghai Spot Copper] Affected by the persistently low social inventory in Shanghai, available spot copper cathode in the market was tight, providing strong support to spot premiums. Intraday, copper prices edged up, the backwardation structure of the nearby months narrowed to 140-170 yuan/mt, and suppliers showed strong sentiment in holding prices firm and holding back from selling. Intraday, standard-quality copper was offered at premiums around 450-480 yuan/mt, up about 40 yuan/mt from yesterday. Downstream enterprises had limited acceptance of cargoes at premiums around 450 yuan/mt, with procurement still mainly driven by rigid demand, and mostly bargained down to premiums near 420 yuan/mt; however, traders were still trading on expectations of tight available cargo, with cargo circulation relatively active and purchasing enthusiasm remaining at a high level.

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