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

March 31, 2026: Today, the average warrant price fell by $2/mt from the previous trading day, closed at $65/mt (price range $60-70/mt); the average B/L price fell by $4/mt from the previous trading day, closed at $61/mt (price range $56-66/mt); the average EQ copper (CIF B/L) price fell by $3/mt from the previous trading day, closed 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, market traders and downstream buyers showed low purchase willingness. 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, 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.