SHFE/LME Price Ratio Deteriorates, Poor Demand, Imported Copper Premium Center Moves Downward [SMM Yangshan Spot Copper]

Published: Aug 24, 2026 13:17

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On August 24, the average warrant price fell $3/mt from the previous trading day, reported at $90/mt (price range $85-95/mt); the average B/L price fell $2/mt, reported at $87/mt (price range $83-91/mt); the average price of EQ copper (CIF B/L) fell $5/mt, reported at $40/mt (price range $30-50/mt), with quotations referencing shipments arriving from August to mid-September.

Today, the SHFE/LME price ratio deteriorated, especially the September date contract was significantly inverted, and downstream purchase willingness was poor. The center of EQ copper offers in the market moved downward, while registered copper was in short supply, with offers relatively firm, and actual transactions were sluggish. Today it was heard that mainstream quotations for registered copper B/L arriving in early September were around $90-95/mt, and mainstream quotations for EQ copper arriving from late August to early September were $40-50/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.

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East China inventory drawdown exceeded expectations, strengthening downside support for Shanghai spot copper premiums [SMM Shanghai spot copper]

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