LME Structure Shifted to Backwardation, Limited Export Offers Heard Intraday [SMM Yangshan Spot Copper]

Published: Jun 3, 2026 13:53

Save

On June 3, the average warrant price remained flat from the previous trading day at $67/mt (price range $63-71/mt); the average B/L price remained flat from the previous trading day at $68/mt (price range $64-72/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day at $37/mt (price range $32-42/mt), with quotes referencing cargoes arriving in June and early July.

During the day, the LME structure shifted from Contango to Backwardation. A small number of smelters were heard to plan to export, offering Shanghai bonded delivery premiums around $65-70/mt. Some traders showed purchase willingness, but no deals were heard in the morning session. Early July arrival EQ B/L was offered around $45/mt, QP July, and a small volume of OG B/L was offered around -$10/mt, with no deals heard for either.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 mins ago

Konkola Copper Mines (KCM)'s Nchanga Smelter Began a 60-Day Production Shutdown for Maintenance

Konkola Copper Mines (KCM), a subsidiary of Vedanta Resources, announced on Tuesday the official commencement of a planned 60-day maintenance shutdown of the Nchanga smelter in Zambia, with production expected to resume in August 2026. The maintenance aims to enhance equipment reliability and long-term efficiency. During the shutdown, KCM will ensure continued production at the SX-EW Tailings Leach Plant (TLP) through external acid procurement and its own 500 mt/day acid plant. According to SMM, the Nchanga smelter currently has a smelting capacity of approximately 150,000 mt/year and plans to reach 300,000 mt/year by 2030.

12 mins ago

52 mins ago

Huanghe Company Saikun ESS Power Station Put into Operation

The 50 MW/100 megawatt hour Saikun ESS power station, supporting Huanghe Company's 500,000 kW Mangya wind power project in Haixi Prefecture, was officially connected to grid and put into operation, marking the on-schedule achievement of the construction and commissioning target for the company's first energy storage project deployed in Haixi Prefecture.

52 mins ago

55 mins ago

Some Secondary Copper Rod Enterprises Bullish on Market Outlook, Purchasing Enthusiasm Improving

[SMM Express] According to SMM, the rise in copper prices boosted the willingness to sell among copper scrap suppliers; downstream secondary copper rod plants were undeterred by high raw material prices, with purchasing enthusiasm improving. Some enterprises were bullish on the market outlook and proactively purchased at high prices to lock in raw materials.

55 mins ago