The SHFE/LME price ratio is weakening, Yangshan copper premiums lack upside drivers, and downstream buying interest is sluggish [SMM Yangshan spot copper]

Published: Jul 31, 2026 13:37

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On July 31, the average warrant price remained unchanged from the previous trading day, standing at $112/mt (price range: $108-116/mt); the average B/L price remained unchanged from the previous trading day, standing at $107/mt (price range: $104-110/mt); the average price of EQ copper (CIF B/L) fell by $1/mt from the previous trading day to $74/mt (price range: $70-78/mt), with quotes referencing August-arrival cargoes.

The SHFE/LME price ratio weakened slightly today, with the backwardation structure for nearby contracts widening. As expectations of tightness in available supply weakened and downstream buying interest remained sluggish, the premium lacked further upward momentum. It was heard that EQ copper arriving in late August was traded at $75/mt; mainstream quotations for registered B/Ls arriving in August were around $115-120/mt; and mainstream quotations for EQ copper arriving from August to early September were at $75-85/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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