Warrant Demand Sustained Traders' Active Sourcing, Transaction Center Significantly Elevated [SMM Yangshan Spot Copper]

Published: Apr 9, 2026 12:02

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April 8, 2026: The average warrant price rose by $5/mt from the previous trading day, closing at $70/mt (price range $64-76/mt); the average B/L price rose by $4/mt from the previous trading day, closing at $65/mt (price range $60-70/mt); the average EQ copper (CIF B/L) price rose by $4/mt from the previous trading day, closing at $37/mt (price range $30-44/mt), with quotes referencing cargoes arriving from mid-April to early May.

The SHFE/LME price ratio continued to recover during the day. As bonded zone inventory kept declining, market demand for warrants was active, and forward-month B/L offers also rose. It was heard that a small volume of ER copper B/L arriving in late April was offered at $70/mt, QP May; mid-April arriving EQ B/L was offered at $40/mt, mid-to-late April arriving EQ B/L was offered at $40/mt, mid-May arriving B/L was offered at $55/mt, with a small volume traded at $28-33/mt, QP May. Warrants of general ER copper for delivery within this week were offered at $70-80/mt, QP May.

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.

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