The SHFE/LME price ratio rises, premium offers continue to increase, while the market sees weak supply and demand, and actual trading is sluggish, [SMM Yangshan spot copper]

Published: Jul 8, 2026 12:02

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The average warrant price on July 8 rose $2/mt from the previous trading day to $82/mt (price range $75-$89/mt); the average B/L price rose $2/mt to $82/mt (price range $74-$90/mt); the average price for EQ copper (CIF B/L) rose $2/mt to $50/mt (price range $45-$55/mt), with offers referencing shipments arriving from July to mid-August.

The SHFE/LME price ratio moved higher that day, and suppliers further raised their offers. However, it is understood that actual consumer demand was relatively mediocre, and the market showed a pattern of weak supply and demand, with upstream and downstream players continuing to vie. It was heard that trades were done yesterday for registered ER copper B/L arriving in late July at $90/mt, registered warrants in mid-July at $90/mt, and EQ copper in late July at $52/mt. It was heard that offers today were quoted at $95/mt for registered B/L arriving in late July, and a small volume of EQ copper for late July was offered at around $60/mt.

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