Registered Copper Warehouse B/L Maintained High Prices, EQ B/L Premiums Declined [SMM Yangshan Spot Copper]

May 15, 2026: The average warrant price remained flat compared to the previous trading day, closing at $72/mt (price range $68-76/mt); the average B/L price remained flat compared to the previous trading day, closing at $71/mt (price range $67-75/mt); the average EQ copper (CIF B/L) price fell $3/mt compared to the previous trading day, closing at $40/mt (price range $36-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June.

   Intraday market transactions were scattered, with a small volume of registered copper offers remaining at high levels. Demand for EQ B/L was limited, and overall trading volume was thin. It was heard that a small volume of ER copper B/L arriving in early May was offered at $80/mt, QP May; early June EQ B/L was offered at $55/mt; EQ B/L arriving in mid-May was offered at $50/mt, QP May-June. Within this week, deliverable standard ER copper warrants were offered at $80-85/mt with no transactions heard so far, QP June.