SHFE/LME Price Ratio Recovered in Early Trading, Warrant Demand Surged [SMM Yangshan Spot Copper]

Published: Apr 2, 2026 15:52

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April 2, 2026: The average warrant price was unchanged from the previous trading day, closing at $65/mt (price range: $60-70/mt); the average B/L price was unchanged from the previous trading day, closing at $61/mt (price range: $56-66/mt); the average price of EQ copper (CIF B/L) was unchanged from the previous trading day, closing at $34/mt (price range: $28-40/mt), with quotations referring to cargoes scheduled to arrive from mid-April to early May.

Intraday, the SHFE/LME price ratio recovered again. It was learned that in early trading, market traders and downstream buyers saw increased demand for warrants. Quotations generally moved higher, but no large-volume deals were heard. It was heard that a small volume of pyrometallurgy B/L arriving in mid-April was offered at $70/mt, QP May; EQ B/L for mid-April was offered at $40, EQ B/L arriving in mid-to-late April was offered at $40/mt, B/L arriving in mid-May was offered at $55/mt, with a small volume traded at $28-33/mt, QP May. General pyrometallurgy warrants for delivery within the week were offered at $60/mt, QP May.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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