Physical premiums dropped significantly, while forward buying interest emerged [SMM Yangshan spot copper]

Published: Jun 10, 2026 16:24

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On June 10, the average warrant price fell by $5/mt from the previous trading day, to $59/mt (price range: $54-$64/mt); the average B/L price fell by $4/mt, to $61/mt (price range: $55-$67/mt); the average price of EQ copper (CIF B/L) fell by $4/mt, to $29/mt (price range: $24-$34/mt), with quotes referring to cargoes arriving in mid-to-late June and early July.

Intraday, market spot prices declined sharply. It was heard that some arriving EQ copper was traded at around $15-$20/mt, and a small amount of EQ copper arriving in late June was actually traded at above $20/mt. Forward B/L materials were tight and hard to find, and a small amount of registered B/L arriving in late June was reportedly quoted at $40/mt.

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