Copper Prices Drop, Restocking and Import Expectations Impact Market Dynamics

Published: Mar 20, 2026 14:53

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Yesterday’s night session, copper prices opened lower with a gap, and some enterprises placed orders to restock at low levels. Intraday procurement demand increased somewhat, but given the concentrated replenishment on the previous day, actual incremental buying was limited. From the market structure perspective, the import arbitrage window widened slightly, and expectations for subsequent inflows of cargoes from outside China increased, which may put some pressure on the supply side. Overall, amid the tug-of-war between faster destocking and supplier sell-offs, Shanghai spot copper premiums are expected to remain at current levels tomorrow.

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