LME Near-Term Backwardation Suddenly Surged, Spot Premiums Plunged [SMM Yangshan Spot Copper]

        January 15, 2026: Today, warrant prices were $15-29/mt, QP February, with the average price down $4/mt from the previous trading day; B/L prices were $17-27/mt, QP February, with the average price down $3/mt from the previous trading day; ER copper (CIF B/L) was -$16/mt to -$6/mt, QP February, with the average price down $3/mt from the previous trading day. Quotations referred to cargoes arriving in mid-to-late January and early February.

      Since last night, the LME Cash-Jun date backwardation structure suddenly surged, and market suppliers, concerned about rolling costs and increased funding costs, sold off inventories. It was heard that warrants closed at $20-30, QP January; transactions were concentrated around $10-25/mt, with a small amount of cargoes for early February delivery heard traded at $30/mt, QP January-February. A small amount of pyrometallurgy B/L for late January arrival was quoted at $20-30/mt, QP February; EQ B/L for early February arrival was quoted at $10, while EQ B/L for late January arrival was quoted at -$20-(-5)/mt, with transactions heard at -$30, QP February.