High Copper Prices Hindered Consumption, Market Transactions Weakened [SMM North China Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, from the perspective of supplier behavior, wait-and-see sentiment was strong in the early session, with notable divergence in offers; subsequently, some suppliers chose to offload inventory, mainly considering that downstream consumption expectations weakened after sustained copper price increases, upside room for spot premiums was limited, and willingness to liquidate holdings strengthened, driving the overall premiums center downward. Supply side, attention should be paid to the outflow of unmatched warrants after the contract rollover; if warrants are released in a concentrated manner, this will further suppress spot premiums. Inventory side, SMM recorded social inventory of 282,800 mt, down 17,000 mt from Monday, with the destocking pace showing a slowdown compared to the earlier period. Overall, under the combined effects of strengthened willingness to sell among suppliers and weakened consumption expectations, coupled with warrant outflows, spot prices against the 2605 contract are expected to see a slight decline in premiums tomorrow.

Data released by Peru's Ministry of Energy and Mines showed that Peru's copper production in February 2026 was 223,263 mt, up 2.9% YoY. Cumulative production from January to February totaled 449,519 mt, up 2.9% YoY.