Copper Discounts in Shanghai Under Pressure as Supply Outpaces Demand

Published: Mar 2, 2026 13:17

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Looking ahead, spot copper discounts in Shanghai are expected to remain under pressure. Despite some improvement today, supply continues to dominate. Early offers were firm, but weak demand led to sell-offs later, with Tiefeng quoted at a discount of 300 yuan/ton, pulling prices down.

A persistent high Contango encourages warrant deliveries, reducing spot liquidity. Ongoing arrivals of imported and domestic copper add to supply. Meanwhile, demand recovery is slow and copper prices remain high, offering little support for premiums.

Overall, supply growth continues to outpace demand, keeping the spot market oversupplied.

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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