Market Offers Concentrated in Far Months, Near-Month Supply and Demand Both Weak [SMM Yangshan Spot Copper]

April 17, 2026: The average warrant price remained unchanged from the previous trading day, closed at $69/mt (price range $64-74/mt); the average B/L price remained unchanged from the previous trading day, closed at $67/mt (price range $62-72/mt); the average EQ copper (CIF B/L) price remained unchanged from the previous trading day, closed at $37/mt (price range $32-42/mt), with quotes referencing cargoes arriving from late April to early-to-mid May.

  The intraday market was largely consistent with the previous day. Warrant and B/L cargoes for late April were limited, and buyers also lacked motivation to purchase. Offers were mainly concentrated on EQ B/L cargoes arriving in late May, and as imports from May to June are expected to remain relatively small, overall offers were on the higher side. 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. ER copper warrants for delivery within this week were offered at $80/mt, QP May.