Spot Trade Sluggish During LME Asia Metal Week, Import Window Remains Open with Few Offers Hanging High [SMM Yangshan Spot Copper]

May 6, 2026: The average warrant price rose by $5/mt from the previous trading day, closing at $69/mt (price range $62-76/mt); the average B/L price rose by $5/mt from the previous trading day, closing at $66/mt (price range $61-73/mt); the average EQ copper (CIF B/L) price rose by $5/mt from the previous trading day, closing at $36/mt (price range $30-42/mt), with quotes referencing cargoes arriving in early to mid-May.

   The SHFE/LME price ratio remained open after the holiday. As a major industry conference was held in Hong Kong this week, spot trader activity in the market was limited. Most traders in the market chose to import on their own, with a small number of offers rising notably. It was heard that a small volume of ER copper B/L arriving in early May was offered at $75/mt, QP May; EQ B/L arriving in early May was offered at $48/mt, and EQ B/L arriving in mid-May was offered at $50/mt, QP May-June. ER copper warrants for delivery within this week were offered at $80/mt, with no deals heard so far, QP June.