Copper Prices Rose Overnight While SHFE/LME Price Ratio Weakened, with Few Transactions in Early Trading [SMM Yangshan Spot Copper]

April 14, 2026: The average warrant price remained flat compared to the previous trading day, closing at $74/mt (price range $70-78/mt); the average B/L price remained flat compared to the previous trading day, closing at $72/mt (price range $66-78/mt); the average EQ copper (CIF B/L) price remained flat compared to the previous trading day, closing at $41/mt (price range $36-46/mt), with quotes referencing cargoes arriving from late April to early-to-mid May.

  The intraday market was rather sluggish. After the rise in copper prices, downstream demand was tepid. Traders' offers were concentrated on cargoes arriving in late April, with few deals concluded in the early session. It was heard that a small volume of ER copper B/L arriving in mid-to-late April was quoted at $75/mt, QP May; EQ B/L arriving in mid-April was quoted at $50/mt, EQ B/L arriving in mid-to-late April was quoted at $45/mt, B/L arriving in mid-May was quoted at $50/mt, with a small volume transacted at $40-45/mt, QP May. ER copper warrants for delivery within this week were quoted at $80/mt, QP May.