Active Offerings of Forward-Month Delivery B/Ls, Trading Volume Pulled Back Significantly from the Previous Day [SMM Yangshan Spot Copper]

March 31, 2026: The average warrant price fell by $1/mt from the previous trading day and closed at $67/mt (price range: $62-72/mt); the average B/L price fell by $1/mt from the previous trading day and closed at $66/mt (price range: $60-70/mt); the average EQ copper (CIF B/L) price fell by $2/mt from the previous trading day and closed at $37/mt (price range: $30-44/mt), with quotations referring to cargoes scheduled to arrive from mid-April to early May.

  During the day, sellers remained active in making shipments, and offers for forward-month B/Ls were active. It was heard that a small volume of pyrometallurgy B/Ls arriving in mid-April was offered at $70/mt, quotation period (QP) May; EQ B/L offers for mid-April were heard at $45, EQ B/Ls arriving in mid-to-late April were offered at $45/mt, and B/Ls arriving in mid-May were offered at $55/mt. General ER copper warrants for delivery within the week were offered at $60/mt, quotation period (QP) May.