LME Structure Shifted to Backwardation, Limited Export Offers Heard Intraday [SMM Yangshan Spot Copper]

Published: Jun 3, 2026 13:53

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On June 3, the average warrant price remained flat from the previous trading day at $67/mt (price range $63-71/mt); the average B/L price remained flat from the previous trading day at $68/mt (price range $64-72/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day at $37/mt (price range $32-42/mt), with quotes referencing cargoes arriving in June and early July.

During the day, the LME structure shifted from Contango to Backwardation. A small number of smelters were heard to plan to export, offering Shanghai bonded delivery premiums around $65-70/mt. Some traders showed purchase willingness, but no deals were heard in the morning session. Early July arrival EQ B/L was offered around $45/mt, QP July, and a small volume of OG B/L was offered around -$10/mt, with no deals heard for either.

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