Spot liquidity was weak while premiums remained firm; morning trading sentiment recovered [SMM Yangshan spot copper]

Published: Jun 16, 2026 15:19

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The average warrant price on June 16 remained unchanged from the previous trading day, reported at $59/mt (price range $54-64/mt); the average B/L price remained unchanged, reported at $61/mt (price range $55-67/mt); the average price for EQ copper (CIF B/L) rose $4/mt from the previous trading day, reported at $33/mt (price range $30-36/mt), with quotations referencing cargoes arriving in mid- to late June and early July.

During the day, there were abundant offers for EQ, and transactions also recovered from the previous day. After the SHFE/LME price ratio firmed, although buyer demand remained concentrated on registered B/Ls for late-June arrival, demand for EQ also improved. It was heard that EQ B/Ls for early-July arrival were traded around $30/mt, and a small number of actual EQ B/Ls for late-June arrival changed hands above $35/mt. It was heard that a few registered B/Ls for late-June arrival were offered at $70-75/mt.

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