High backwardation has dampened traders' willingness to hold spot cargo, resulting in sluggish spot transactions [SMM Yangshan Spot Copper].

        January 14, 2026: Today, warrant prices were $30-46/mt, QP January, with the average price down $2/mt from the previous trading day; B/L prices were $34-48/mt, QP February, with the average price down $2/mt from the previous trading day; ER copper (CIF B/L) was -$2/mt to $10/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 continued to widen, with the price spread between the LME copper January date and the 3M contract reaching a maximum of $86/mt. In the morning session, suppliers' sentiment to sell under pressure was relatively high, but downstream buyers were also unwilling to purchase, leading to an overall decline in premiums. Warrant transactions were heard at $40-55, QP January; trading 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/L for late-January arrival was quoted at $45-55/mt, QP February; early-February ER B/L offers were quoted at $15-20, while late-January arrival ER B/L was quoted at $0-5/mt, with transactions heard at -$10 to $5, QP February.