Shanghai copper futures saw a broad pullback in the Feb 24 trading session, with losses spread across the nearby curve and the busiest activity concentrating in the March contract. Prices are quoted in RMB per metric ton, and SHFE copper is traded in 5-ton lots, so every move on the screen quickly turns into meaningful P&L for active hedgers and spec traders.
The sharpest attention point came from the front-month contract’s step-down from the prior settlement. The nearby contract cu2602 finished the session with a last price of RMB 99,870/ton, down 2,240 on the day. Its official settlement printed at RMB 100,260/ton, putting the session in clear risk-off territory after an early attempt to hold above the open.
Session snapshot across the main SHFE copper strip
Even with the front contract setting the tone, the deepest liquidity sat slightly further out the curve. The most actively traded contract was cu2603, which ended at RMB 100,380/ton (down 2,300). It posted a wide intraday span, with a high of RMB 102,350 and a low of RMB 99,400, reflecting a market that offered tradable swings rather than a one-way drift.
Turnover told the same story. cu2603 delivered roughly 140,438 lots in volume and turnover near RMB 70.77B, making it the center of gravity for price discovery in this session. For positioning, open interest remained heavy in the next contract out: cu2604 carried the largest open interest at about 150,198 lots, ending at RMB 100,630/ton (down 2,390).
Curve read: mild contango remains in place
Despite the day’s decline, the forward curve still held a gentle upward slope. The far contract visible in the sheet, cu2701, ended around RMB 101,190/ton. That leaves a premium of about 1,320 versus the front-month last price, a mild contango shape that often appears when the market prices in carrying costs and a slightly firmer forward balance.
The curve was not perfectly smooth, though. Several mid-curve points clustered tightly near RMB 100,8xx–101,0xx, suggesting that traders were more focused on the near-term flow and hedging needs than on expressing strong convex views further along the strip.
Key contract levels traders watched
- cu2602: last 99,870, settlement 100,260, high 101,890, low 99,500, volume 5,295, open interest 28,345
- cu2603: last 100,380, high 102,350, low 99,400, volume 140,438, open interest 139,623, turnover 70.77B
- cu2604: last 100,630, high 102,670, low 99,610, volume 95,086, open interest 150,198
Positioning signals from volume and open interest
A common read from this structure is that the market kept its trading focus in cu2603 while carrying the heaviest exposure in cu2604. That split can matter: the volume leader tends to drive short-term momentum and intraday levels, while the open-interest leader can shape the “magnet zones” where hedging flows and roll activity gather as the calendar advances.
In this session, both contracts moved lower in tandem, implying broad pressure rather than a localized distortion at a single point on the curve. The fact that the curve stayed mildly upward sloping even after a down day hints at forward pricing that remains relatively steady compared with the near-month shock.
Contract calendar: nearby expiry pressure builds for cu2602
With the trading date set at Feb 24, 2026, the nearby contract cu2602 sits at its expiration boundary in the contract calendar. This period often brings more mechanical behavior: spreads can become jumpy, liquidity can shift quickly into the next active month, and traders prefer using the volume leader as the cleaner execution venue.
For anyone tracking SHFE’s official market pages, the day’s copper quotation and delayed market snapshot can be cross-checked directly via the Shanghai Futures Exchange.
Takeaway from the Feb 24 tape
Across the board, SHFE copper futures printed a decisive down session, with the nearby contract off roughly 2.2% and the most active month absorbing the bulk of turnover. The curve held mild contango, suggesting forward pricing remained comparatively anchored even as the front end repriced lower. If this pattern holds into the next sessions, the market’s next signal will likely come from whether volume stays concentrated in cu2603 or rotates more aggressively into cu2604 as calendar dynamics intensify.
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