Market supply deficit continues to materialize, suppliers' offers remain firm [SMM Yangshan spot copper]

Published: Jul 14, 2026 12:31

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On July 14, the average warrant price rose $4/mt from the previous trading day to $90/mt ($85-95/mt); the average B/L price rose $4/mt to $89/mt ($83-95/mt); the average EQ copper (CIF B/L) price rose $2/mt to $56/mt ($52-60/mt), with offers referring to arrivals from July to mid-August.

Yesterday, LME data showed that copper cancelled warrants on July 10 stood at 130,525 mt, an increase of 25,725 mt from the previous period. As the supply of available imported copper tightened in phases during July-August, while domestic social inventories continued destocking, the import arbitrage window opened periodically, and some warrants have been shipped to the Chinese market after being cancelled from LME. However, the supply deficit continued to materialize. It was heard that yesterday, mainstream trades for registered B/Ls arriving in late July to early August were concluded at $90-95/mt, and registered warrants for delivery in late July were traded around $95/mt. Today, it was heard that offer prices for registered B/Ls in late July continued to test the triple-digit level, and EQ copper for late July was offered at $65/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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