SHFE/LME Price Ratio Continued to Pull Back, Market Quotes Remained High, Trading Was Sluggish [SMM Yangshan Spot Copper]

Published: May 21, 2026 12:11

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May 21, 2026: The average warrant price remained unchanged from the previous trading day, closed at $72/mt (price range $68-76/mt); the average B/L price remained unchanged from the previous trading day, closed at $71/mt (price range $66-76/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day, closed at $41/mt (price range $38-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June.

The spot market was sluggish during the day. Suppliers mostly offered registered warrants and EQ arriving in early June, but transactions were limited due to the pullback in the SHFE/LME price ratio. It was heard that a small volume of ER copper B/L arriving in early June was quoted at $80/mt, QP May; early June EQ B/L was offered at $50-55/mt, and EQ B/L arriving in late May was quoted at $50/mt, QP May-June. ER copper warrants for delivery within this week were quoted at $80-85/mt, with a small volume transacted at $75/mt, QP June.

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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