SHFE 2603 Contract Rollover Adjusts Spot Quotes, Market Activity Recovers Amid Supply Pressure

Published: Feb 25, 2026 13:27

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Looking ahead to tomorrow, following the SHFE 2603 contract rollover, spot quotes adjusted notably. Market activity is recovering as supply remains ample with continued import arrivals and unmatched warrant releases. Downstream enterprises have resumed operations post-holiday, boosting trading sentiment. However, supply-side pressure persists, particularly from warrant releases, weighing on premiums. The month-on-month contango supports holders' delivery willingness, diverting some supply and providing discount support. As the market enters early post-holiday rebalancing, spot discounts are expected to remain under pressure.

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