LME Copper Continues Downward Trend, SHFE/LME Price Ratio Recovers, Pre-Holiday Market Heats Up [SMM Yangshan Spot Copper]

        February 2, 2026: Today, warrant prices were $30-48/mt, QP February, with the average price rising by $12/mt compared to the previous trading day; B/L prices were $36-54/mt, QP February, with the average price up $17/mt; ER copper (CIF B/L) was $8-20/mt, QP February, with the average price increasing by $13/mt, with offers referencing cargoes arriving in mid-February.

   Entering February, as LME copper continued to pull back, the SHFE/LME price ratio remained strong, while LME copper shifted entirely into contango, driving market premiums significantly higher due to import incentives. Warrants were heard closed at $40-50, QP February; transactions were concentrated around $30-40/mt, with sources for early February delivery heard traded at -$6/mt, QP February. A small amount of pyrometallurgy B/Ls for late February arrival were offered at $50-60/mt, QP March; EQ B/L offers for early February were heard at $15-25, while EQ B/Ls for mid-to-early February arrival were offered at $10-20/mt, with transactions heard at $15-20, QP February-March.