Spot Market Supply Tight, Offers Rise; Buyers and Sellers Diverge [SMM Yangshan Spot Copper]

Published: Jul 2, 2026 11:55

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The average warrant price on July 2 rose by $3/mt from the previous trading day to $74/mt (price range $70-78/mt); the average B/L price rose by $4/mt to $74/mt (price range $68-80/mt); the average EQ copper (CIF B/L) price rose by $2/mt to $45/mt (price range $40-50/mt), based on arrivals from July to early August.

Due to tight supply recently and the rebound in the SHFE/LME price ratio today, suppliers held firm offers. Buyers and sellers diverged significantly, and actual deals were limited. It was heard that a small quantity of registered ER copper B/Ls for arrival in early July traded at $80/mt, some EQ B/Ls for arrival from early July to early August were offered above $50/mt, and a small amount of July registered warrants traded at $74/mt.

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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