SHFE/LME price ratio pulls back, registered copper supply tight with firm premiums [SMM Yangshan spot copper]

Published: Sep 17, 2026 11:57

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On September 17, the average warrant price rose by $3/mt from the previous trading day to $121/mt (price range: $112-130/mt); the average B/L price rose by $1/mt from the previous trading day to $116/mt (price range: $112-120/mt); the average EQ copper (CIF B/L) price fell by $5/mt from the previous trading day to $65/mt (price range: $60-70/mt), with offers referencing cargoes arriving from September to mid-October.

The SHFE/LME price ratio pulled back today, and the LME nearby Contango structure narrowed. In early trading, EQ copper offers retreated somewhat, while registered copper warrants and spot B/L cargoes were hard to find, leading to divergent quotes. A small number of offers remained elevated, and actual transactions cooled compared with the previous two days. It was heard that yesterday afternoon, October-arrival registered pyrometallurgy copper B/L was offered at $120/mt; today, end-September-arrival EQ copper was quoted at $60-65/mt, and mid-to-late October-arrival EQ copper was quoted at $65-80/mt.

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