SHFE/LME price ratio weakens, suppliers hold back, spot market activity low in early trading [SMM Yangshan spot copper]

Published: Sep 7, 2026 13:39

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On September 7, the average warrant price remained flat from the previous trading day at $72/mt (price range $66-78/mt); the average B/L price remained flat from the previous trading day at $75/mt (price range $70-80/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day at $55/mt (price range $50-60/mt), with quotes referencing September-arrival cargoes.

The SHFE/LME price ratio weakened today, and the backwardation structure between the September date and October date narrowed. Suppliers indicated they are temporarily taking a wait-and-see approach, with upstream and downstream players continuing to hold their ground and market activity remaining subdued. It was heard that registered warrants for early-September QP were quoted at around $75/mt today, while EQ copper arriving in late September to early October was quoted at around $60/mt.

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