SHFE/LME price ratio slowly recovers, port congestion persists, market remains sluggish [SMM Yangshan spot copper]

Published: Sep 3, 2026 13:33

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On September 3, the average warrant price fell by $2/mt from the previous trading day to $74/mt (price range: $70-78/mt); the average B/L price rose by $1/mt from the previous trading day to $75/mt (price range: $70-80/mt); the average EQ copper (CIF B/L) price rose by $15/mt from the previous trading day to $55/mt (price range: $50-60/mt), with quotations referencing September-arrival cargoes.

Recently, the SHFE/LME price ratio has recovered somewhat but has not yet returned to a profitable range, and the high backwardation structure on the LME has kept market sentiment largely wait-and-see. In addition, domestic ports continue to face congestion issues, and the shipping schedules for September-arrival cargoes are unstable or may be delayed, so suppliers are in no rush to quote, and the overall market remains quiet. It is heard that today, registered B/Ls for early-September arrival with September QP were quoted at $60/mt, September registered warrants traded at $95-100/mt, EQ copper arriving in mid-to-late September traded at $55/mt, and mainstream quotations for September-arrival EQ copper were around $55-65/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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