The SHFE/LME Price Ratio Rebounded Somewhat, While Market Wait-and-See Sentiment Remained Undiminished; Buyers and Sellers Continued to Tug of War [SMM Yangshan Copper Premiums]

Published: Aug 18, 2026 11:47

Save

On August 18, the average warrant price was unchanged from the previous trading day at $85/mt (price range $70-100/mt); the average B/L price was unchanged from the previous trading day at $80/mt (price range $75-85/mt); the average EQ copper (CIF B/L) price fell by $2/mt from the previous trading day to $53/mt (price range $45-61/mt), with quotations referencing cargoes arriving from August to early September.

Copper prices pulled back today, and the SHFE/LME price ratio recovered somewhat. Meanwhile, the backwardation structure narrowed, but downstream players still stayed on the sidelines; buyers and sellers continued to tug-of-war, and prices for cargoes nearing arrival at port tended to weaken. It was heard today that EQ copper arriving in late August was quoted at $45/mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Copper Prices Fall as Consumption Sees a Slight Uptick; Shanghai Spot Copper Premiums Stabilize at Highs [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SHFE copper’s absolute prices continued to pull back during the day, prompting some downstream buyers to restock on dips and releasing purchase demand from traders. Market transactions improved markedly compared with yesterday. Standard-quality copper traded relatively smoothly around a premium of 350 yuan/mt, providing some support below spot premiums. Overall, with the pullback in copper prices driving the release of rigid demand and the backwardation structure providing support, but elevated premiums limiting a further rush to buy amid continuous price rise, Shanghai spot copper prices against the 2609 contract are expected to remain at a premium tomorrow, with the overall center likely to consolidate around current levels.

1 hour ago

Futures Came Under Significant Pressure and Pulled Back, While the Spot Price Spread Rebounded Sharply [SMM North China Spot Copper]

Today, in North China, spot prices against the front-month contract for #1 copper cathode were quoted at an average premium of 50 yuan/mt to a premium of 250 yuan/mt. The average premium of 150 yuan/mt increased by 320 yuan/mt from the previous trading day, while the average transaction price of 107,805 yuan/mt decreased by 1,690 yuan/mt from the previous trading day;

1 hour ago

2 hours ago

BHP CEO Rejects Joint Negotiation Rumors, Supports Efficient Market Pricing Mechanism

[BHP CEO Responds to Rumors That the Government Plans to Promote Joint Negotiations Among Australian Companies: Upholding Floating Pricing and Efficient Market-Based Operations] On August 18, during BHP’s FY2026 earnings conference call. In response to market rumors that the Australian federal government planned to encourage Australian miners such as BHP, Rio Tinto, and Fortescue to form a joint group to conduct collective negotiations with China Mineral Resources Group, thereby strengthening Australia’s bargaining power, Chief Executive Officer Brandon Craig stated that BHP’s guiding principle was to support a globalized, available seaborne bulk commodities market and to pursue an efficient price formation mechanism. The market should operate efficiently, with marginal mt forming price si

2 hours ago