In the morning market, available spot cargoes at Lingang were hard to find, and suppliers held prices firm while holding back from selling [SMM Yangshan spot copper]

Published: Sep 16, 2026 13:39

Save

On September 16, the average warrant price rose $8/mt from the previous trading day to $118/mt (price range: $111-125/mt); the average B/L price rose $5/mt from the previous trading day to $115/mt (price range: $110-120/mt); the average EQ copper (CIF B/L) price rose $5/mt from the previous trading day to $70/mt (price range: $60-70/mt), with quotations referencing cargoes arriving from September to mid-October.

This week, against the backdrop of a recovering SHFE/LME price ratio and weakening copper prices, market demand was released. However, due to port congestion and other factors, market supply gradually tightened. In early trading today, warrants and near-month spot cargoes were hard to find, and a few suppliers held prices firm and held back from selling, with quotations at elevated levels. It was reported that yesterday afternoon, registered ER copper warrants were traded at $120-125/mt; today, some quotations for registered ER copper warrants rose above $130-135/mt, and mainstream quotations for EQ copper arriving in mid-to-late October were heard at around $80/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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

27 mins ago

High backwardation coupled with tight available spot supply drives Shanghai spot copper premiums to a new high for the year [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the supply side may see a large volume of imported copper arriving at ports, but it will still take time from vessel arrival, customs clearance, and warehouse entry to entering the spot market, making it difficult to have a substantial impact on the market in the short term. Currently, supply of major circulating brands in the Shanghai region remains tight, with mainstream standard-quality copper and high-quality copper staying in short supply, and suppliers still showing willingness to hold prices firm. On the demand side, copper prices continue to fluctuate at highs, and downstream enterprises are increasingly fearful of high prices, with purchases mostly driven by rigid demand and weak acceptance of high premiums. In addition, the elevated backwardation in the price spread between futures contracts for the next month also provides some support to spot premiums. Overall, spot premiums are expected to stay high tomorrow, or edge down slightly, with focus on the actual arrival pace of imported copper and changes in downstream buying sentiment.

27 mins ago

2 hours ago

Spot premiums surge after delivery, but downstream users refrain from chasing high prices to purchase [SMM South China spot copper]

2 hours ago

Downstream restocking gradually releases; spot premiums rise significantly [SMM North China spot copper]

Spot copper cathode in North China was quoted at a premium of 400-500 yuan/mt against the front-month contract today, with an average premium of 450 yuan/mt, up 550 yuan/mt from the previous trading day. The average transaction price was 107,835 yuan/mt, up 390 yuan/mt from the previous trading day.

2 hours ago