SHFE/LME Price Ratio and Weak Downstream Demand Prompt Market Offer Pullback [SMM Yangshan Copper Spot]

Published: Jul 23, 2026 12:03

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On July 23, the average warrant price fell by $2/mt from the previous trading day to $113/mt (price range: $108-118/mt); the average B/L price fell by $4/mt from the previous trading day to $108/mt (price range: $105-111/mt); the average price of EQ copper (CIF B/L) fell by $3/mt from the previous trading day to $76/mt (price range: $72-80/mt), with quotations referencing arrivals from mid-to-late July to late August.

The SHFE/LME copper price ratio was weak, coupled with a slight inventory buildup in China's social inventory of copper cathode, pulling back domestic spot premiums. Market demand was sluggish and purchase willingness was low, leading to a slight pullback in offers today. It was heard that registered B/L arriving in late August was quoted at $110/mt, COMEX registered brands at $150/mt, and mainstream quotations for August-arrival EQ copper were $80-90/mt.

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