Recovering Downstream Orders Support Discount Repair; SHFE Copper Spot Premiums Gradually Stabilize [SMM SHFE Copper Spot]

Published: Mar 5, 2026 12:04

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[SMM Shanghai Spot Copper] Looking ahead to tomorrow, Shanghai spot copper discounts are expected to continue a steady recovery trend. From the market structure perspective, the price spread between futures contracts for the next-month and C contracts continues to narrow slightly, and suppliers’ willingness to ship to delivery warehouses continues to decline. Supply side, domestic copper and previously price-locked imported cargoes continue to arrive, and with social inventory at a high level, overall circulating supply in the market remains ample. Demand side, downstream enterprises continue to advance work and production resumptions, and with SHFE copper futures prices having declined somewhat recently, downstream purchase willingness to buy the dip has increased; order activity has risen, providing support for spot discounts. Overall, Shanghai spot copper is expected to maintain stable trading activity tomorrow.

SMM News, March 5:

In early trading, the SHFE copper 2603 contract opened higher, then pulled back and moved in wide swings. It opened at 101,700 yuan/mt, rose to 101,950 yuan/mt after the open, then pulled back, dipped to 101,400 yuan/mt, and fluctuated widely between 101,400 yuan/mt and 101,800 yuan/mt. As of the close, it was 101,420 yuan/mt. The contango price spread between futures contracts for the next-month contract ranged from 350 yuan/mt to 200 yuan/mt, and the import profit margin for the current-month SHFE copper contract ranged from a loss of 540 yuan/mt to 400 yuan/mt.

Intraday, in Shanghai, the selling sentiment for copper cathode was 2.8, up 0.04 MoM, while purchase sentiment was 2.76, down 0.03 MoM. . At the start of the morning session, suppliers quoted spot discounts for standard-quality copper at 190 yuan/mt to 150 yuan/mt; among them, Zhongtiaoshan was quoted at a discount of 190 yuan/mt, after which suppliers quickly raised prices to a discount of 160 yuan/mt. Jinchuan ISA, Zhongjin, Yuguang, Dajiang HS, and Jinchuan isa Yongchang were quoted at discounts of 170 yuan/mt to 150 yuan/mt; high-quality copper such as Guixi and Jinchuan (plate) was quoted at discounts of 50 yuan/mt to 100 yuan/mt; and non-registered copper was quoted at discounts of 300 yuan/mt to 280 yuan/mt. Entering the second time window, suppliers’ willingness to sell rose slightly, and circulating supply increased. Standard-quality copper was quoted at discounts of 170 yuan/mt to 90 yuan/mt; among them, SPCC-ILO, Polish plate, SUMIKO-N, and Lufang were quoted at discounts of 140 yuan/mt to 90 yuan/mt, while Jinguang, Jinxin, and Tongguan were quoted at discounts of 150 yuan/mt to 120 yuan/mt. Other standard-quality copper quotes were basically unchanged.

Looking ahead to tomorrow, Shanghai spot copper discounts are expected to continue a steady recovery. From the market structure perspective, the next-month C price spread continued to narrow slightly, and suppliers’ willingness to ship to delivery warehouse continued to decline. Supply side, domestic copper and previously price-locked imported cargoes continued to arrive; coupled with social inventory remaining at a high level, overall circulating supply is ample. Demand side, downstream enterprises continued to advance work and production resumptions; in addition, with SHFE copper prices recently trending lower, downstream willingness to buy the dip increased, and order activity rose, providing support for spot discounts. Overall, spot trading activity in Shanghai is expected to remain stable tomorrow.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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