Buyer Warrant Demand Increased in Early Trading, Active Market Inquiries [SMM Yangshan Spot Copper]

April 8, 2026: The average warrant price rose by $2/mt from the previous trading day, closing at $65/mt (price range $60–70/mt). The average B/L price remained flat from the previous trading day, closing at $61/mt (price range $56–66/mt). The average EQ copper (CIF B/L) price remained flat from the previous trading day, closing at $33/mt (price range $26–40/mt), with quotations referencing cargoes arriving from mid-April to early May.

  The SHFE/LME price ratio recovered during the morning session, with buying sentiment from downstream consumers and traders increasing, and demand for near-term bonded zone warrants visibly grew. However, due to low bonded zone inventory, actual transactions were few, though offers were generally high. A small volume of ER copper B/L arriving in late April was heard offered at $70/mt, QP May. Mid-April EQ B/L was offered at $40/mt, mid-to-late April arriving EQ B/L was offered at $40/mt, and mid-May arriving B/L was offered at $55/mt, with a small volume transacted at $28-33/mt, QP May. ER copper warrants for delivery within this week were offered at $70-80/mt, QP May.