The first trading day after the holiday is the last trading day. Shanghai spot copper prices are at a discount against the next month's contract and at a premium against the current month's contract. [SMM Shanghai Spot Copper]

Published: Feb 24, 2026 12:17

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[SMM Shanghai Spot Copper] Tomorrow is expected to see a significant inventory buildup of over 80,000 mt in Shanghai during the holiday period, with domestic supply mainly in the form of futures warrants, while imported supply continues to be replenished, and a discount situation is anticipated throughout the week.

SMM February 24 News:

Today, SMM's #1 copper cathode spot premiums against the front-month 2602 contract were quoted at 120-380 yuan/mt, with an average premium of 250 yuan/mt, up 250 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 100,830 to 102,080 yuan/mt. In the morning session, SHFE copper futures continued to rise, with the price spread between the SHFE copper 2602 and 2603 contracts fluctuating frequently, varying between Contango 500 and Contango 360 yuan/mt. The import loss for the front-month SHFE copper contract was around 500 yuan/mt. Imported cargoes arrived in full during the holiday, and further arrivals are expected.

Procurement sentiment for copper cathode in the Shanghai region was 2.08, while sales sentiment was 2.09. Today was the last trading day for the SHFE copper 2602 contract. According to the SMM price assessment methodology, SMM always quotes against the front-month contract. Suppliers were not active in offering prices in the morning session, as most were still on holiday. Being the last trading day and the first trading day after the holiday, market trading sentiment was weak, dominated by just-in-time procurement. Few suppliers offered discounts of 200-150 yuan/mt for standard-quality copper against the SHFE copper 2603 contract, with high-quality copper at a discount of 50 yuan/mt and non-registered brands near a discount of 300 yuan/mt; some transactions occurred later. Based on the morning's price spread movements, spot premiums against the SHFE copper 2602 contract exceeded 200 yuan/mt, with limited transactions against the front-month contract during the day. However, a very small number of suppliers holding front-month positions managed to conclude deals at small premiums against the front-month contract.

Looking ahead to tomorrow, significant inventory buildup of over 80,000 mt occurred in the Shanghai region during the holiday. Domestic inventory mainly exists in the form of futures warrants, while imported cargoes continue to supplement supply. Discounts are expected to persist throughout the week.

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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