SHFE/LME Price Ratio Pulled Back, Market Trading Willingness Declined, Yangshan Copper Premiums Fell [SMM Yangshan Spot Copper]

Published: May 19, 2026 13:44

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May 19, 2026: The average warrant price fell $1/mt from the previous trading day, closing at $72/mt (price range $68-76/mt); the average B/L price fell $1/mt from the previous trading day, closing at $71/mt (price range $66-76/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day, closing at $41/mt (price range $38-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June.

Intraday pullback in the SHFE/LME price ratio limited demand, with market offers declining and transactions remaining sluggish. A small volume of ER copper B/L arriving in early May was heard at $80/mt, QP May; early June EQ B/L was offered at $55/mt; EQ B/L arriving in mid-May was quoted at $50/mt, QP May-June. ER copper warrants for delivery within this week were quoted at $80-85/mt, with no transactions heard so far, QP June.

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