SHFE/LME price ratio weakens, spot premiums fall [SMM Yangshan spot copper]

On September 10, the average warrant price fell by $5/mt from the previous trading day to $80/mt (price range: $75-85/mt); the average B/L price fell by $5/mt from the previous trading day to $80/mt (price range: $75-85/mt); the average EQ copper (CIF B/L) price fell by $8/mt from the previous trading day to $47/mt (price range: $38-56/mt), with quotations referencing September-arrival cargoes.

The SHFE/LME price ratio weakened today, the Contango structure between the LME September and October dates widened, and spot premiums moved lower. Most mainstream market participants attended conferences during the week, resulting in limited trading. Registered warrants were reportedly quoted at around $85/mt, and late-September EQ copper traded at around $38/mt.