Shanghai Copper Market Sees Price Sensitivity, Contango Support Amid Slowing Destocking and Supply Inflows

Published: Apr 23, 2026 11:49

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Looking ahead to tomorrow's Shanghai copper spot market, on the demand side, night session copper prices rose, reducing downstream acceptance and pulling back intraday buying – a sign of price sensitivity. The front-month contango widened to 180-110 yuan/t, encouraging holders to firm up offers and limiting spot discounts. However, consumption in northern regions (Gansu, Shanxi, Henan) softened, with some smelters reshipping to Shanghai, pointing to higher east China supply ahead. SMM data shows Shanghai social inventories at 188.0kt, down 2.8kt w/w but destocking slowed notably, reflecting weak buying appetite at current prices. Overall, with contango support balanced against potential supply inflows, spot quotes against the 2605 contract are expected to hold steady.

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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