SHFE/LME Price Ratio Continued to Weaken in Early Trading, Offers Were Abundant but Deals Were Hard to Find [SMM Yangshan Spot Copper]

April 15, 2026: The average warrant price fell by $1/mt from the previous trading day, closing at $73/mt (price range $68-78/mt). The average B/L price fell by $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 by $1/mt from the previous trading day, closing at $40/mt (price range $36-44/mt), with quotes referencing cargoes arriving from late April to early-to-mid May.

  There were many offers in the early morning market, but transactions were hard to find as the SHFE/LME price ratio weakened due to the rise in copper prices. It was heard that a small volume of ER copper B/L arriving in mid-to-late April was offered at $75/mt, QP May; EQ B/L arriving in mid-April was offered at $45/mt, EQ B/L arriving in mid-to-late April was offered at $45/mt, B/L arriving in mid-May was offered at $50/mt, with a small volume transacted at $40-45/mt, QP May. Regular ER copper warrants for delivery within this week were offered at $80/mt, QP May.