Port-Arrival B/Ls Still Hard to Conclude Deals; Premiums May Continue to Trend Down in the Near Term [SMM Yangshan Spot Copper]

        March 5, 2026: The average warrant price was flat from the previous trading day; the average B/L price was flat from the previous trading day, and the average EQ copper (CIF B/L) price was flat from the previous trading day, with quotations referring to cargoes arriving in mid-to-late March.

     Intraday, deals were hard to find in the market. Some traders lowered their offers, but demand remained weak. It was heard that a small volume of ER copper B/Ls arriving in late February closed at $55-60/mt, QP March; offers for EQ B/Ls arriving in late February and early March closed at $25-30, QP March; EQ B/Ls arriving in mid-to-late March closed at $30/mt, QP April. Warrant prices rose sharply, and ER copper and two-brand B/Ls closed at $60-65/mt, with QP available for both March and April.