Near-Port Warehouse B/L Premiums Dropped Sharply, Forward-Month Trade Also Sluggish [SMM Yangshan Spot Copper]

Published: Apr 28, 2026 19:09

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April 28, 2026: The average warrant price fell by $5/mt from the previous trading day, closing at $62/mt (price range $56-70/mt); the average B/L price fell by $6/mt from the previous trading day, closing at $59/mt (price range $51-69/mt); the average EQ copper (CIF B/L) price fell by $5/mt from the previous trading day, closing at $30/mt (price range $20-40/mt), with quotations referencing cargoes arriving from late April to early-to-mid May.

Intraday spot trading remained affected by month-end settlement. Importers had extremely low willingness to import cargoes arriving at month-end, and thus mostly sold at low prices before arrival. A small volume of ER copper B/L arriving in mid-to-late April was heard offered at $50/mt, QP May; late April EQ B/L was offered at $20/mt, mid-May arrival EQ B/L was offered unchanged at $45-50/mt, with a small volume traded at $38-40/mt, QP May. ER copper warrants for delivery within this week were offered at $50-60/mt, with a small volume traded at $50-55/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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