SHFE/LME price ratio recovery prompts buyer inquiries for spot copper cargoes, Yangshan copper premiums edge up [SMM Yangshan spot copper]

        January 8, 2026: Today, warrant prices closed at $34-50/mt, QP January, with the average price up $3/mt from the previous trading day; B/L prices closed at $38-54/mt, QP February, with the average price up $2/mt from the previous trading day; ER copper (CIF B/L) closed at -$4/mt to $16/mt, QP February, with the average price up $3/mt from the previous trading day. Quotations referred to cargoes arriving in mid-to-late January.

        During the day, the SHFE/LME price ratio showed a trend of recovery, and buyer activity increased compared to before. Warrant prices were heard quoted at $30-55, QP January; transactions were concentrated around $20-40/mt, with a small volume of early February delivery cargoes heard traded at $55/mt, QP January-February. A small volume of pyrometallurgy B/L for late January arrival was quoted at $45-60/mt, QP February; EQ B/L for early February was offered at $20-30, while EQ B/L for late January arrival was quoted at $10-20/mt, with transactions heard at $15, QP February.