SHFE Copper Inventory & Settlement
Warehouse inventory, futures settlement prices, and open interest data
About SHFE Copper Data
SHFE copper inventory represents physical copper cathodes stored in exchange-approved warehouses across China. As the world's largest copper consumer, China's warehouse stock levels are a critical indicator for global copper markets. SHFE copper stocks typically show strong seasonal patterns, with inventory building during the Chinese New Year period and drawing down during peak construction and manufacturing seasons. This page also includes daily settlement prices, volume, and open interest data for all active copper futures contracts, with historical data going back to 2020.
SHFE Copper Futures Contract Details
The SHFE copper futures contract has a standard lot size of 5 tonnes (5,000 kilograms), priced in Chinese yuan (CNY) per tonne. The minimum tick size is 10 CNY/tonne, and contracts are available for delivery across 12 months of the year. Initial margin requirements are typically set at 8-12% of the contract value, with daily price limits of approximately 5-6% above or below the previous settlement price.
Physical delivery requires copper cathodes meeting SHFE-specified quality standards, including a minimum purity of 99.95% Cu. Deliverable brands include major Chinese and international producers that have been registered with the exchange. Copper cathodes must be stored in SHFE-approved warehouses, which are located in major industrial and port cities across China.
SHFE copper is one of the most actively traded futures contracts in the world by volume, often rivaling LME copper in daily turnover. The contract serves as the primary pricing benchmark for copper in China and is widely used by domestic fabricators, smelters, and traders for hedging purposes.
China's Role in Global Copper Markets
China consumes approximately 55% of the world's refined copper, making it by far the most important demand center for the global copper market. This consumption is driven by construction (wiring, plumbing, and air conditioning), electronics manufacturing, electric vehicles and charging infrastructure, power grid investment, and industrial machinery.
SHFE copper inventory is a key indicator of Chinese industrial activity. When inventory declines, it typically signals that downstream manufacturers and fabricators are actively pulling copper from exchange warehouses to meet production needs. Sustained inventory drawdowns, particularly outside of normal seasonal patterns, are closely watched as a sign of robust economic growth.
The relationship between SHFE copper and LME copper prices is maintained through cross-market arbitrage. The SHFE-LME copper price spread, adjusted for exchange rates, import duties (currently 1% for refined copper), and value-added tax (13%), determines whether it is profitable to import copper into China. When the SHFE import parity premium is positive, it encourages copper flows into China, which can eventually rebuild SHFE warehouse stocks.
Data Sources & Methodology
MetalCharts sources SHFE copper settlement prices and weekly warrant stock data from official Shanghai Futures Exchange data feeds. Settlement prices are updated daily after market close (typically around 15:00 CST / 07:00 UTC), covering all active copper futures delivery months with open, high, low, close, volume, open interest, and turnover figures.
Inventory data is published by SHFE on a weekly basis and includes per-warehouse breakdowns. Copper inventory is displayed in metric tons as reported by the exchange. Historical data is available going back to 2020.
Frequently Asked Questions
- How is SHFE copper inventory measured?
- SHFE copper inventory is measured in metric tons. Copper is stored as refined cathodes meeting exchange specifications in SHFE-approved warehouses across China.
- Why is SHFE copper inventory important?
- China consumes over 50% of the world's copper. SHFE copper stocks directly reflect Chinese physical supply and demand conditions, making them a key indicator for the global copper market.
- How does SHFE copper inventory compare to COMEX and LME?
- SHFE covers Chinese domestic supply, COMEX covers the US market, and LME provides global warehouse coverage. Traders compare all three to understand worldwide copper flows and regional supply dynamics.
- What is the SHFE copper settlement price?
- The SHFE copper settlement price is the official daily benchmark calculated from the weighted average of trades during the closing period. It is used for margin calculations, mark-to-market valuations, and physical delivery invoicing of copper futures contracts.
- Why is SHFE copper important globally?
- China consumes over 55% of the world's copper. SHFE copper inventory levels and futures pricing are leading indicators of Chinese industrial activity and global copper demand. When SHFE copper stocks decline, it often signals strong downstream manufacturing and construction activity in China, which ripples through global copper markets.
- How does SHFE copper relate to LME copper pricing?
- SHFE and LME copper futures are closely linked through cross-market arbitrage. When SHFE copper trades at a premium to LME (adjusted for exchange rates and import duties), it encourages copper imports into China. When the SHFE-LME spread narrows or inverts, it can signal weakening Chinese demand or abundant domestic supply.