Nearby-port B/Ls Were Snapped Up, and Suppliers Shifted Their Offers to Farther-Month Cargoes [SMM Yangshan Spot Copper]

March 30, 2026: The average warrant price was unchanged from the previous trading day, closing at $68/mt (price range: $62-74/mt); the average B/L price was unchanged from the previous trading day, closing at $66/mt (price range: $60-72/mt); the average EQ copper (CIF B/L) price rose by $2/mt from the previous trading day, closing at $39/mt (price range: $34-44/mt), with quotations referring to cargoes arriving in April.

  At the beginning of this week, market offers shifted toward forward months, while suppliers' offers remained at elevated levels. It was heard that a small volume of pyrometallurgy B/L arriving in early April was offered at $60-65/mt, quotation period (QP) May; EQ B/L arriving in mid-April was offered at $40, and EQ B/L arriving in mid-to-late April was offered at $40-45/mt, with buyers counteroffering at $40/mt, all with quotation period (QP) May. General ER copper warrants deliverable within this week were offered at $60/mt, quotation period (QP) May.