SHFE/LME Price Ratio Pulled Back, Spot Market Even More Sluggish with Almost No Early Trading [SMM Yangshan Spot Copper]

May 7, 2026: The average warrant price remained flat compared to the previous trading day, closed at $69/mt (price range $62-76/mt); the average B/L price remained flat compared to the previous trading day, closed at $66/mt (price range $61-73/mt); the average EQ copper (CIF B/L) price remained flat compared to the previous trading day, closed at $36/mt (price range $30-42/mt), with quotes referencing cargoes arriving in early to mid-May.

   Intraday market conditions were largely the same as yesterday, appearing more sluggish 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 May was quoted at $75/mt, QP May; an EQ B/L arriving in early May was offered at $48/mt, and an EQ B/L arriving in mid-May was quoted at $50/mt, QP May-June. Within this week, deliverable standard ER copper warrants were quoted at $80/mt with no transactions heard so far, QP June.