Early Session Market Offers Surged Higher, Spot Copper Trading Sluggish [SMM Yangshan Spot Copper]

Published: May 11, 2026 17:45

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May 8, 2026: The average warrant price fell by $1/mt from the previous trading day, closed at $69/mt (price range $64-74/mt); the average B/L price fell by $1/mt from the previous trading day, closed at $66/mt (price range $63-71/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day, closed at $36/mt (price range $32-42/mt), with quotes referencing cargoes arriving in mid-to-late May.

Intraday market offers were elevated, as the COMEX-LME price spread widened again, with some speculative premium activity on registered copper in the market. Offers were high but attracted almost no interest from buyers. 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. ER copper warrants for delivery within this week were offered at $80-85/mt, with no deals heard so far, 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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