Copper Prices Continued to Decline as the Market Entered a Wait-and-See Mode; Trading Activity Fell, and Most Cargoes Were Locked in Imports [SMM Yangshan Spot Copper]

     March 23, 2026: The average warrant price rose by $4/mt from the previous trading day, closed at $52/mt (price range: $44-60/mt); the average B/L price rose by $6/mt from the previous trading day, closed at $53/mt (price range: $45-61/mt); the average price of EQ copper (CIF B/L) rose by $1/mt from the previous trading day, closed at $30/mt (price range: $25-35/mt), with quotes referring to cargoes arriving from late March to mid-April.

  Intraday, the SHFE/LME price ratio remained elevated, but transactions were relatively weak. Both warrant and B/L offers and deals moved higher, but most spot cargo in the market had already been locked in for price-ratio imports. It was heard that a small volume of pyrometallurgy B/L arriving in late March was offered at $50-60/mt, QP April; EQ B/L arriving in late March and early April was offered at $35, while EQ B/L arriving in mid-to-late April was offered at $35/mt and traded at $30/mt, with QP available in both April and May. General pyrometallurgy warrants deliverable within the week were quoted at $50/mt, QP April.