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This week, copper prices declined. As the month-end approaches, spot suppliers are optimistic about the March premiums and stand firm on quotes, leading to a narrowing of spot discounts. According to SMM data, as of this Thursday, copper cathode inventories in major warehouses in Shanghai increased by 12,900 mt from Monday to 245,200 mt, while Guangdong and Jiangsu have achieved destocking. Due to the near-month structure remaining at around 100 yuan/mt in contango, suppliers holding futures warehouse warrants mainly conducted transactions through cargo swaps among traders. Downstream buyers preferred low-priced sources, making it difficult for premiums and discounts to sustain an upward trend. Looking ahead to next week, with limited inflows of imported cargo at the beginning of the month, Shanghai's supply will still primarily consist of futures warehouse warrants and non-registered cargo. When copper prices fall below 77,000 yuan/mt, Shanghai spot copper discounts are expected to narrow.
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