SHFE/LME price ratio weakens, backwardation structure widens, spot premium pulls back slightly [SMM Yangshan spot copper]

Published: Jul 28, 2026 11:58

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On July 28, the average warrant price fell $1/mt from the previous trading day to $112/mt (price range: $108-$116/mt); the average B/L price also fell $1/mt to $107/mt (price range: $104-$110/mt); the average price for EQ copper (CIF B/L) fell $1/mt to $75/mt (price range: $70-$80/mt), with quotations referencing August-arrival cargoes.

Today, the SHFE/LME price ratio continued to weaken, and coupled with the widening prompt-month backwardation structure, suppliers' sentiment to sell increased. Offers for EQ copper grew in the morning session, and quotations pulled back somewhat.

It was heard today that registered B/L for early August arrival was quoted at $110/mt, EQ copper for early August arrival traded at $80/mt, and mainstream quotations were in the range of $75-85/mt.

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