Warrant Demand Continued to Surge with Active Intraday Trading [SMM Yangshan Spot Copper]

Published: Apr 10, 2026 12:13

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April 9, 2026: The average warrant price rose by $3/mt from the previous trading day, closing at $74/mt (price range $68-78/mt); the average B/L price rose by $4/mt from the previous trading day, closing at $69/mt (price range $64-74/mt); the average EQ copper (CIF B/L) price rose by $3/mt from the previous trading day, closing at $40/mt (price range $34-46/mt), with quotes referencing cargoes arriving from mid-April to early May.

During the day, major importers in the market were still scrambling for warrants. A small volume of ER copper B/L arriving in mid-to-late April was heard offered at $70/mt, QP May; mid-April EQ B/L was offered at $50/mt, EQ B/L arriving in mid-to-late April was offered at $45/mt, B/L arriving in mid-May was offered at $55/mt, with a small volume traded at $40-45/mt, QP May. ER copper warrants for delivery within this week were offered at $70-80/mt, QP May.

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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