Warrant Demand Sustained Traders' Active Sourcing, Transaction Center Significantly Elevated [SMM Yangshan Spot Copper]

April 8, 2026: The average warrant price rose by $5/mt from the previous trading day, closing at $70/mt (price range $64-76/mt); the average B/L price rose by $4/mt from the previous trading day, closing at $65/mt (price range $60-70/mt); the average EQ copper (CIF B/L) price rose by $4/mt from the previous trading day, closing at $37/mt (price range $30-44/mt), with quotes referencing cargoes arriving from mid-April to early May.

  The SHFE/LME price ratio continued to recover during the day. As bonded zone inventory kept declining, market demand for warrants was active, and forward-month B/L offers also rose. It was heard that a small volume of ER copper B/L arriving in late April was offered at $70/mt, QP May; mid-April arriving EQ B/L was offered at $40/mt, mid-to-late April arriving EQ B/L was offered at $40/mt, mid-May arriving B/L was offered at $55/mt, with a small volume traded at $28-33/mt, QP May. Warrants of general ER copper for delivery within this week were offered at $70-80/mt, QP May.