Few Transactions in the Intraday Offshore Market, Downstream Counter-Offers Declined Significantly [SMM Yangshan Spot Copper]

April 24, 2026: The average warrant price fell $2/mt from the previous trading day, closing at $67/mt (price range: $62–72/mt); the average B/L price fell $1/mt from the previous trading day, closing at $65/mt (price range: $61–71/mt); the average EQ copper (CIF B/L) price fell $2/mt from the previous trading day, closing at $35/mt (price range: $30–40/mt), with quotations referencing cargoes arriving from late April to mid-to-early May.

   Yangshan copper premiums pulled back as expected during the session. Bids from downstream buyers remained low, while the volume of spot order offers increased notably. Buyers and sellers were at odds, and concluded deals were significantly limited. It was heard that a small volume of ER copper B/L arriving in mid-to-late April was offered at $80/mt, quotation period (QP) May; mid-April EQ B/L offers were heard at $40/mt, EQ B/L arriving in mid-to-late April was offered at $40/mt, B/L arriving in mid-May was offered at $50/mt, with a small volume concluded at 38–40, quotation period (QP) May. ER copper warrants for delivery within the week were offered at 78–80, with a small volume concluded at 70–73, quotation period (QP) May.