SHFE/LME Price Ratio Pulled Back, Spot Market Even More Sluggish with Almost No Early Trading [SMM Yangshan Spot Copper]

Published: May 7, 2026 12:38

Save

May 7, 2026: The average warrant price remained flat compared to the previous trading day, closed at $69/mt (price range $62-76/mt); the average B/L price remained flat compared to the previous trading day, closed at $66/mt (price range $61-73/mt); the average EQ copper (CIF B/L) price remained flat compared to the previous trading day, closed at $36/mt (price range $30-42/mt), with quotes referencing cargoes arriving in early to mid-May.

Intraday market conditions were largely the same as yesterday, appearing more sluggish due to the pullback in the SHFE/LME price ratio. It was heard that a small volume of ER copper B/L arriving in early May was quoted at $75/mt, QP May; an EQ B/L arriving in early May was offered at $48/mt, and an EQ B/L arriving in mid-May was quoted at $50/mt, QP May-June. Within this week, deliverable standard ER copper warrants were quoted at $80/mt with no transactions 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.

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

10 hours ago

Mine-Side Disruptions Drove Copper Prices Higher, SHFE Copper BC Copper Price Spread Inversion Widened Further [SMM BC Copper Commentary]

10 hours ago

11 hours ago

[SMM Analysis] Sulphuric Acid: A Key Variable Reshaping Copper Pricing Logic

11 hours ago

13 hours ago

Grasberg Copper Mine Production Resumption Timeline Remains Unchanged

During the day, market sources reported that Freeport-McMoRan had postponed the full production resumption timeline for its Grasberg copper mine in Indonesia to early 2028, one year later than previous expectations. According to SMM, the Grasberg copper mine's production resumption status was consistent with the official disclosure made during the Q1 earnings call. The specific plan is as follows: restart Grasberg Block Cave (GBC) production block 1S in Q2 2027, and restart production block 1C before the end of 2027. The market should not over-interpret this, and all parties are advised to monitor whether there are further updated statements in the company's subsequent disclosure documents.

13 hours ago