The SHFE/LME Price Ratio Continued to Weaken Intraday, and the Center of Transaction Prices Moved Lower [SMM Yangshan Spot Copper]

April 1, 2026: Today, the average warrant price fell by $2/mt from the previous trading day, closing at $65/mt (price range: $60-70/mt); the average B/L price fell by $4/mt from the previous trading day, closing at $61/mt (price range: $56-66/mt); the average price of EQ copper (CIF B/L) fell by $3/mt from the previous trading day, closing at $34/mt (price range: $28-40/mt), with quotations referring to cargoes arriving from mid-April to early May.

  As copper prices rose and the SHFE/LME price ratio weakened overnight, purchase willingness among market traders and downstream buyers was low. Although offers were almost unchanged from earlier levels, the transaction center had already moved lower. It was heard that a small volume of pyrometallurgy B/L arriving in mid-April was offered at $70/mt, quotation period (QP) May; EQ B/L arriving in mid-April was offered at $40, EQ B/L arriving in mid-to-late April was offered at $40/mt, and B/L arriving in mid-May was offered at $55/mt, with a small volume traded at $28-33/mt, quotation period (QP) May. General ER copper warrants for delivery within this week were offered at $60/mt, quotation period (QP) May.