April 20, 2026: The average warrant price fell by $1/mt from the previous trading day, closing at $68/mt (price range: $64-72/mt). The average B/L price fell by $1/mt from the previous trading day, closing at $66/mt (price range: $62-70/mt). The average EQ copper (CIF B/L) price remained flat from the previous trading day, closing at $37/mt (price range: $32-42/mt), with quotes referencing cargoes arriving from late April to early-to-mid May.
Recently, market offers were still mainly concentrated on EQ B/Ls arriving in late May. According to SMM, major traders and upstream smelters were eager to collect payments, while downstream buyers had concerns over port arrivals from May to July, so prices for forward-month B/Ls remained relatively firm. A small volume of ER copper B/Ls arriving in mid-to-late April was heard offered at $75/mt, QP May. EQ B/Ls arriving in mid-April were offered at $45/mt, EQ B/Ls arriving in mid-to-late April were offered at $45/mt, and B/Ls arriving in mid-May were offered at $50/mt, with a small volume traded at $40-45/mt, QP May. ER copper warrants for delivery within this week were offered at $78/mt, QP May.
