Shanghai Metal Market: Shanghai copper remains relatively strong within the range; spot market sentiment is still decent

K-LinePoet · 2026-03-04T22:59:03+00:00

Today, the Shanghai Metal Market electrolytic copper price rose to 101,950-102,800 yuan/ton, with an average price of 102,375 yuan/ton. The Shanghai copper main contract increased by 460 yuan/ton. The spot market performed relatively well, futures remain at a discount, social inventories are high, and consumption is gradually returning to normal.

K-LinePoet

2026-03-04 22:59:03

Abstract generation in progress

Today, Shanghai Metal Market #1 electrolytic copper quotation is 101,950-102,800 yuan/ton, with an average of 102,375 yuan/ton, up 405 yuan/ton from the previous trading day. The Shanghai copper 2603 contract is quoted at a premium of 280-80 yuan/ton. This morning, copper prices continued to fluctuate with a slight upward trend. By midday, the main Shanghai copper contract rose by 460 yuan/ton, a 0.45% increase. The spot market sentiment remains decent, with futures month spreads maintaining a discount, slightly wider than last week. Holders are willing to deliver. Social inventories are high, combined with imports outflow, keeping liquidity ample. After the downstream resumption of work, consumption is returning to normal, supporting a slight narrowing of the spot discount compared to last week. At the close, the premium copper is quoted at a discount of 120-80 yuan/ton, neutral copper at a discount of 280-180 yuan/ton, wet-process copper at a discount of 320-300 yuan/ton, and non-registered copper at a discount of 360-340 yuan/ton. (SHMET)

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