LME backwardation structure widens, SHFE/LME price ratio deteriorates, market wait-and-see sentiment rises [SMM Yangshan spot copper]

Published: Oct 13, 2026 13:15 (GMT+8)

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On October 13, the average warrant price fell by $4/mt from the previous trading day to $126/mt (price range: $116-136/mt); the average B/L price was flat from the previous trading day at 125 yuan/mt (price range: 120-130 yuan/mt); the average EQ copper (CIF B/L) price fell by $1/mt from the previous trading day to $60/mt (price range: $55-65/mt), with quotations referencing cargoes arriving from October to early November.

Today, the LME nearby backwardation structure continued to widen, the SHFE/LME price ratio deteriorated, and prices for October QP cargoes moved lower. With the SHFE copper delivery date approaching, wait-and-see sentiment in the market intensified, and with recent shipping schedules relatively unstable, early trading activity was subdued. It was heard that registered ER copper B/L was quoted at around $130/mt today, registered ER copper warrants at around $140/mt, and mainstream quotations for EQ copper arriving from late October to early November were around $60-70/mt.

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