Strong Downstream Demand Supported Continued Rise in Premiums, Active Market Inquiries but Limited Available Cargo [SMM Yangshan Spot Copper]

April 13, 2026: The average warrant price rose by $2/mt from the previous trading day, closing at $75/mt (price range $70–80/mt); the average B/L price rose by $3/mt from the previous trading day, closing at $72/mt (price range $66–78/mt); the average EQ copper (CIF B/L) price rose by $1/mt from the previous trading day, closing at $41/mt (price range $36–46/mt), with quotations referencing cargoes arriving from late April to early-to-mid May.

  Consumption in China remained strong at the beginning of this week. Offshore market demand was mainly driven by near-term arriving EQ B/L and bonded warehouse warrants, with downstream buyers actively seeking cargoes. A small volume of ER copper B/L arriving in mid-to-late April was heard quoted at $75/mt, QP May; mid-April arriving EQ B/L was offered at $50/mt, late April arriving EQ B/L was quoted at $45/mt, mid-May arriving B/L was quoted at $50/mt, with a small volume transacted at $40–45/mt, QP May. General ER copper warrants for delivery within this week were quoted at $80/mt, QP May.