LME backwardation structure continues to widen, suppliers actively shipped goods in the morning session [SMM Yangshan spot copper]

        January 13, 2026: Today, warrant prices were $32-48/mt, QP January, with the average price down $1/mt from the previous trading day; B/L prices were $36-50/mt, QP February, with the average price down $1/mt from the previous trading day; ER copper (CIF B/L) was -$2/mt to $12/mt, QP February, with the average price down $1/mt from the previous trading day. Quotations referred to cargoes arriving in mid-to-late January.

      During the day, the LME backwardation structure widened, with some suppliers actively selling to reduce holding cost pressure, but trading was thin in the morning session, and buyer interest was sluggish. Warrant offers were heard at $40-55, QP January; deals were concentrated around $30-40/mt, with a small volume of early-February delivery cargoes heard traded at $55/mt, QP January-February. A small volume of pyrometallurgy B/Ls for late-January arrival were offered at $45-55/mt, QP February; early-February ER B/L offers were heard at $15-20, while late-January arrival ER B/Ls were offered at $0-5/mt, with deals heard at -$10 to $5, QP February.