Buyer Procurement Demand Surged in a Concentrated Manner, Sending Yangshan Copper Premiums Sharply Higher [SMM Yangshan Spot Copper]

Published: Mar 25, 2026 11:37

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March 25, 2026: Today, the average warrant price rose by $17/mt from the previous trading day, closing at $69/mt (price range: $62-76/mt); the average B/L price rose by $14 from the previous trading day, closing at $67/mt (price range: $60-74/mt); the average EQ copper (CIF B/L) price rose by $9 from the previous trading day, closing at $39/mt (price range: $32-44/mt), with quotations referring to cargoes arriving in early to mid-April.

Since yesterday afternoon, downstream market participants and trader buyers had been very active in seeking cargoes, and nearby-port B/L cargoes were quickly sold out. By this morning, only some B/L offers for cargoes arriving in mid-to-late April remained in the market, and prices stayed firm. It was heard that small volumes of ER copper B/L arriving in early April were quoted at $65-75/mt, QP April; EQ B/L arriving in mid-April was offered at $45, while EQ B/L arriving in mid-to-late April was offered at $45/mt, with buyer counteroffers at $40/mt, and both April and May QP were available. General ER copper warrants for delivery within this week were quoted at $70-75/mt, QP April.

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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