Copper Prices Rose Sharply While SHFE/LME Price Ratio Weakened, but Market Offers Stayed High [SMM Yangshan Spot Copper]

May 12, 2026: The average warrant price rose by $1/mt from the previous trading day, closing at $70/mt (price range: $66-74/mt). The average B/L price rose by $1/mt from the previous trading day, closing at $67/mt (price range: $65-71/mt). The average EQ copper (CIF B/L) price rose by $2/mt from the previous trading day, closing at $38/mt (price range: $36-44/mt), with quotes referencing cargoes arriving in mid-to-late May.

   Copper prices surged significantly during the day. Market activity was limited, but a small volume of transactions was still concluded. Sellers' offers remained firm, with limited availability of low-priced warrant and B/L cargoes. It was heard that a small volume of ER copper B/L arriving in early May was offered at $80/mt, QP May; EQ B/L arriving in early June was offered at $55/mt; EQ B/L arriving in mid-May was offered at $50/mt, QP May-June. General ER copper warrants for delivery within this week were quoted at $80-85/mt, with no transactions heard so far, QP June.