LME Backwardation Structure Narrows, Supply Tightens and Premiums Rise [SMM Yangshan Spot Copper]

Published: Sep 9, 2026 12:00

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On September 9, the average warrant price rose by $10/mt from the previous trading day to $85/mt (price range: $80-90/mt); the average B/L price rose by $10/mt from the previous trading day to $85/mt (price range: $80-90/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 quotations referencing September-arrival cargoes.

The LME backwardation structure narrowed, with the September date and October date contracts shifting to a contango structure that widened. Domestic inventories remained low, market supply was limited, and suppliers held prices firm with strong sentiment, lifting offers during the week. However, downstream demand was mainly just-in-time procurement, and actual trading volume in the market remained limited. Registered warrant mainstream quotations were heard at around $90-100/mt, while EQ copper mainstream quotations were around $60/mt.

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