Shanghai Futures Exchange Suspends Bonded Delivery for Copper, Aluminum Futures

The suspension of bonded delivery removes a channel that linked onshore futures pricing to the international, duty-unpaid market, so the practical effect is a further separation between domestic and overseas reference prices for copper and aluminum. That matters most to traders and physical players who used bonded delivery to manage cross-border exposure or arbitrage between SHFE and offshore benchmarks. Because the exchange gave no reason and no resumption timeline, the open question is whether this is a technical adjustment or a longer shift in how the exchange treats international delivery — and whether other base metals face similar treatment.