LME Backwardation Structure Widens, SHFE/LME Price Ratio Unfavorable, Market Remains Sluggish [SMM Yangshan Spot Copper]

Published: Sep 22, 2026 13:26 (GMT+8)

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On September 22, the average warrant price fell by $2/mt from the previous trading day to $117/mt (price range: $110-124/mt); the average B/L price fell by $1/mt from the previous trading day to 112 yuan/mt (price range: 104-120 yuan/mt); the average EQ copper (CIF B/L) price fell by $3/mt from the previous trading day to $52/mt (price range: $46-58/mt), with quotations referencing cargoes arriving from September to mid-to-late October.

The SHFE/LME price ratio remained inverted today, and the LME October date contract backwardation widened, leaving the market sluggish. Meanwhile, as domestic spot copper premiums shot up, SMM learned that domestic smelters have not yet made export moves. Today, mainstream quotations for registered ER copper warrants were heard at $110-120/mt; mainstream quotations for EQ copper arriving in October were at $50-60/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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