The SHFE/LME price ratio rises, premium offers continue to increase, while the market sees weak supply and demand, and actual trading is sluggish, [SMM Yangshan spot copper]

Published: Jul 8, 2026 12:02

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The average warrant price on July 8 rose $2/mt from the previous trading day to $82/mt (price range $75-$89/mt); the average B/L price rose $2/mt to $82/mt (price range $74-$90/mt); the average price for EQ copper (CIF B/L) rose $2/mt to $50/mt (price range $45-$55/mt), with offers referencing shipments arriving from July to mid-August.

The SHFE/LME price ratio moved higher that day, and suppliers further raised their offers. However, it is understood that actual consumer demand was relatively mediocre, and the market showed a pattern of weak supply and demand, with upstream and downstream players continuing to vie. It was heard that trades were done yesterday for registered ER copper B/L arriving in late July at $90/mt, registered warrants in mid-July at $90/mt, and EQ copper in late July at $52/mt. It was heard that offers today were quoted at $95/mt for registered B/L arriving in late July, and a small volume of EQ copper for late July was offered at around $60/mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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