LME Copper Continues Downward Trend, SHFE/LME Price Ratio Recovers, Pre-Holiday Market Heats Up [SMM Yangshan Spot Copper]

Published: Feb 2, 2026 11:54

Save

February 2, 2026: Today, warrant prices were $30-48/mt, QP February, with the average price rising by $12/mt compared to the previous trading day; B/L prices were $36-54/mt, QP February, with the average price up $17/mt; ER copper (CIF B/L) was $8-20/mt, QP February, with the average price increasing by $13/mt, with offers referencing cargoes arriving in mid-February.

Entering February, as LME copper continued to pull back, the SHFE/LME price ratio remained strong, while LME copper shifted entirely into contango, driving market premiums significantly higher due to import incentives. Warrants were heard closed at $40-50, QP February; transactions were concentrated around $30-40/mt, with sources for early February delivery heard traded at -$6/mt, QP February. A small amount of pyrometallurgy B/Ls for late February arrival were offered at $50-60/mt, QP March; EQ B/L offers for early February were heard at $15-25, while EQ B/Ls for mid-to-early February arrival were offered at $10-20/mt, with transactions heard at $15-20, QP February-March.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

51 mins ago

Copper Prices Decline, Activating Buying Interest; Spot Discounts Narrow Slightly

Looking ahead, the Shanghai spot copper market is expected to remain under pressure; although lower prices have spurred end-user orders and supported spot premiums, a shift to profitable import arbitrage is prompting aggressive ratio locking and will likely bring substantial imported copper ahead of the holiday, while a slightly narrower nearby contango is encouraging suppliers to increase spot sales, adding to short-term supply pressure—though further price declines could stimulate sustained restocking demand and gradually stabilize spot discounts.

51 mins ago

1 hour ago

Decline in Copper Prices Activates Buying Interest, Spot Discounts Narrow Slightly [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain under pressure. Copper prices retreated today, while orders increased compared to the previous trading day, indicating that the current price level has become more attractive to end-user procurement, which may provide some support to spot premiums/discounts. In terms of market structure, SHFE copper imports turned from loss to profit, prompting importers to actively lock in the SHFE/LME price ratio. As a result, a significant amount of imported copper is expected to enter the domestic market ahead of the holiday. Meanwhile, the Contango spread between nearby contracts narrowed slightly, encouraging suppliers to increase spot sales, adding to short-term spot supply pressure. If copper prices fall further to lower levels, more sustained restocking demand may be triggered, at which point spot discounts could gradually stabilize.

1 hour ago

SHFE Non-Ferrous Metals Plunge: Copper, Aluminum Down 9%, Tin and Nickel Drop 11%

[SMM Market Movement] On the afternoon of February 2, multiple non-ferrous metal varieties on the SHFE hit limit-down, with copper and aluminum falling 9%, and tin and nickel falling 11%.

1 hour ago