Market Demand Concentrated on Late-May EQ B/L, Limited Trading in Early Session [SMM Yangshan Spot Copper]

May 8, 2026: The average warrant premium rose by $1/mt from the previous trading day, closed at $70/mt (price range $64-76/mt); the average B/L premium rose by $1/mt from the previous trading day, closed at $67/mt (price range $63-73/mt); the average EQ copper (CIF B/L) premium rose by $1/mt from the previous trading day, closed at $37/mt (price range $32-42/mt), with quotes referencing cargoes arriving in early to mid-May.

   During the day, a small number of registered B/L offers for early May to mid-June arrival were heard, while buyer demand was mainly concentrated on EQ B/L, with few transactions in the early session. A small volume of ER copper B/L arriving in early May was heard closed at $75/mt, QP May; early May arrival EQ B/L was offered at $48/mt, mid-May arrival EQ B/L was offered at $50/mt, QP May-June. Standard ER copper warrants for delivery within this week were offered at $80/mt, with no transactions heard so far, QP June.