Early morning seller offers remain high, SHFE/LME price ratio weakens and few deals heard [SMM Yangshan copper premiums]

Published: Jul 22, 2026 13:30

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The average warrant price on July 22 rose $6/mt from the previous trading day to $115/mt (price range $110-120/mt); the average B/L price rose $4/mt to $112/mt (price range $108-116/mt); the average price for EQ copper (CIF B/L) rose $5/mt to $79/mt (price range $75-83/mt), with offers referencing cargoes arriving from mid-to-late July to late August.

The tight availability of marketable cargoes continued to support premiums. The COMEX-LME price spread widened, the ratio of cancelled warrants on the LME rose, and near-month contracts shifted to a backwardation structure. However, the weakening SHFE/LME price ratio and higher copper prices limited downstream rigid demand, resulting in only sporadic deals. It was heard that yesterday, a registered B/L for late-July arrival traded at $115/mt. Today, mainstream registered B/L offers for late-August arrival were quoted at $115-120/mt, and EQ copper for August arrival was quoted at $83-90/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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