Copper Prices Plunge, SHFE/LME Price Ratio Recovers; Morning Offers Rise Significantly [SMM Yangshan Spot Copper]

Published: Sep 11, 2026 14:00

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On September 11, the average warrant price rose $5/mt from the previous trading day to $85/mt (price range: $80-90/mt); the average B/L price rose $5/mt from the previous trading day to $85/mt (price range: $80-90/mt); the average EQ copper (CIF B/L) price rose $3/mt from the previous trading day to $50/mt (price range: $40-60/mt), with quotations referencing cargoes arriving from September to early October.

As copper prices fell sharply, the SHFE/LME price ratio recovered significantly today, and downstream demand showed signs of recovery. However, due to port congestion, low inventory, and other factors, available supply in the market was limited, and some suppliers chose to import on their own or arrange long-term contracts. Offers rose noticeably during the day, while downstream buyers held back on concerns over high prices. Market sources reported mainstream quotations for registered warrants at around $110-120/mt today, and EQ copper arriving from September to early October was quoted at around $50-70/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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