The SHFE/LME Price Ratio Rebounded Somewhat, While Market Wait-and-See Sentiment Remained Undiminished; Buyers and Sellers Continued to Tug of War [SMM Yangshan Copper Premiums]

Published: Aug 18, 2026 11:47

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On August 18, the average warrant price was unchanged from the previous trading day at $85/mt (price range $70-100/mt); the average B/L price was unchanged from the previous trading day at $80/mt (price range $75-85/mt); the average EQ copper (CIF B/L) price fell by $2/mt from the previous trading day to $53/mt (price range $45-61/mt), with quotations referencing cargoes arriving from August to early September.

Copper prices pulled back today, and the SHFE/LME price ratio recovered somewhat. Meanwhile, the backwardation structure narrowed, but downstream players still stayed on the sidelines; buyers and sellers continued to tug-of-war, and prices for cargoes nearing arrival at port tended to weaken. It was heard today that EQ copper arriving in late August was quoted at $45/mt.

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