May 19, 2026: The average warrant price fell $1/mt from the previous trading day, closing at $72/mt (price range $68-76/mt); the average B/L price fell $1/mt from the previous trading day, closing at $71/mt (price range $66-76/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day, closing at $41/mt (price range $38-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June.
Intraday pullback in the SHFE/LME price ratio limited demand, with market offers declining and transactions remaining sluggish. A small volume of ER copper B/L arriving in early May was heard at $80/mt, QP May; early June EQ B/L was offered at $55/mt; EQ B/L arriving in mid-May was quoted at $50/mt, QP May-June. ER copper warrants for delivery within this week were quoted at $80-85/mt, with no transactions heard so far, QP June.
![Shuka Mining Launches Drilling in Zambia; Overnight LME Copper and SHFE Copper Both Closed Lower [SMM Copper Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/udUol20251217171712.jpg)
![Macro Tailwinds Underpinned Copper Prices as BC Copper Price Spread Between Domestic and Overseas Markets Remained Inverted [SMM BC Copper Commentary]](https://imgqn.smm.cn/usercenter/LbxVx20251217171714.jpeg)
