Scarce spot cargoes at Lingang, quiet morning trading [SMM Yangshan spot copper]

Published: Sep 23, 2026 11:51 (GMT+8)

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On September 23, the average warrant price remained flat from the previous trading day at $117/mt (price range: $110-124/mt); the average B/L price remained flat from the previous trading day at 112 yuan/mt (price range: 104-120 yuan/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day at $52/mt (price range: $44-60/mt), with quotations referencing cargoes arriving from September to mid-to-late October.

The LME nearby backwardation structure continued to widen, and the SHFE/LME copper price ratio pulled back. Nearby cargoes at port are currently hard to find in the market, and suppliers of post-holiday cargoes are taking a wait-and-see stance. Early-session offers were scarce, and activity was sluggish. Today, mainstream quotations for EQ copper arriving in early October were heard around $60/mt.

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