Shanghai Copper Spot Discount on Slow Recovery Path Amid Stable Supply and Rising Demand

Published: Mar 4, 2026 13:23

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Looking ahead, the spot discount for Shanghai copper is expected to continue its slow recovery. With the decline in futures prices, orders from downstream enterprises have increased. In terms of market structure, the C1-C2 price spread has narrowed, which may reduce holders' willingness to deliver to exchange warehouses. On the supply side, continued arrivals of domestic copper and previously price-locked imported copper, coupled with high social inventory levels, ensure ample market circulation. On the demand side, the ongoing resumption of operations at downstream enterprises provides some support for spot premiums and discounts. In summary, spot premiums and discounts are showing a trend of slow recovery and gradual stabilization.

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