SHFE/LME Price Ratio Recovery Fails to Mask Cooling Demand as Spot Copper Shifts to Buyer's Market [SMM Yangshan Spot Copper]

April 16, 2026: The average warrant price fell by $4/mt from the previous trading day, closing at $69/mt (price range $64-74/mt); the average B/L price fell by $4/mt from the previous trading day, closing at $67/mt (price range $62-72/mt); the average EQ copper (CIF B/L) price fell by $3/mt from the previous trading day, closing at $37/mt (price range $32-42/mt), with quotes referencing cargoes arriving from late April to early-to-mid May.

  Although the intraday SHFE/LME price ratio saw some recovery, downstream orders continued to weaken. The market shifted to a buyer's market, with abundant offers but very limited transactions, and buyers' counter-offer prices remained low. It was heard that a small volume of ER copper B/L arriving in mid-to-late April was offered at $75/mt, QP May; mid-April EQ B/L was offered at $45/mt, EQ B/L arriving in mid-to-late April was offered at $45/mt, B/L arriving in mid-May was offered at $50/mt, with a small volume concluded at $40-45/mt, QP May. ER copper warrants for delivery within this week were offered at $80/mt, QP May.