Under supply and demand dynamics, Shanghai copper spot prices may continue to trade at a discount tomorrow.

K-LinePoet · 2026-04-05T21:24:48+00:00

Intraday spot market trading has improved compared to yesterday. Sellers still have a willingness to hold prices, but some sellers offloading inventory have temporarily suppressed the market, causing the second period spot premium/discount to decline. Coupled with the narrowing of the next-month contango spread, sellers' willingness to deliver has weakened, and the spot premium/discount continues to be under pressure. On the demand side, copper prices have fallen, and downstream companies may have some replenishment needs, but currently copper prices have limited attractiveness. On the supply side, social inventories remain high, but actual circulating sources are relatively tight. Some warehouse receipts have already been released intraday, which may alleviate some spot supply pressure. Meanwhile, the import window remains open, and the influx of overseas sources is expected to increase. Overall, under the supply and demand game, it is expected that the Shanghai copper spot will continue to trade at a discount tomorrow. (Shanghai Nonferrous Metals Network)

K-LinePoet

2026-04-05 21:24:48

In the intraday spot market, trading volumes improved somewhat compared with yesterday. Holders’ price-support intentions remain in place, but some holders’ dumping of inventory temporarily weighed on the market, causing the spot premium/discount to drift lower in the second intraday session. Combined with the convergence of the nearby-to-next-month Contango spread, holders’ willingness to deliver inventory to the warehouse has weakened somewhat, and the spot premium/discount continues to face pressure. On the demand side, as copper prices fall, downstream enterprises may have some restocking needs, but given current levels, copper prices have limited actual appeal. On the supply side, social inventory is still at a high level, but actual freely circulating supply sources remain tight; some warehouse warrants have already been seen exiting intraday, which may ease part of the spot supply pressure. At the same time, the import window continues to stay open, and expectations for inflows of overseas cargoes are warming up. Overall, under supply-and-demand games, it is expected that tomorrow’s Shanghai copper spot market will broadly continue the current discount structure. (Shanghai Metals Market)

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