SHFE/LME price ratio pulls back, market returns to sluggishness, morning spot copper demand weakens [SMM Yangshan spot copper]

Published: Jun 26, 2026 16:56

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On June 26, the average warrant price was unchanged from the previous trading day, quoted at $67/mt (price range $62-72/mt); the average B/L price was unchanged from the previous trading day, quoted at $69/mt (price range $64-74/mt); the average price of EQ copper (CIF B/L) was unchanged from the previous trading day, quoted at $38/mt (price range $35-41/mt), offerings based on arrivals in early July.

Intraday, the SHFE/LME price ratio pulled back, the market returned to sluggishness, with only a few spot cargo offers. Heard that EQ B/L for early July arrival traded at around $40/mt, and a small number of EQ physical transactions for late June arrival closed above $38/mt. Heard that registered B/L for early July arrival were quoted at $70-75/mt, and registered warrants for delivery in early July traded at $70/mt.

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