SHFE/LME price ratio declines with limited offers and bids, morning market quiet [SMM Yangshan spot copper]

Published: Sep 21, 2026 13:25

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On September 21, the average warrant price fell by $5/mt from the previous trading day to $119/mt (price range: $114-124/mt); the average B/L price fell by $3/mt from the previous trading day to $113/mt (price range: $106-120/mt); the average EQ copper (CIF B/L) price fell by $10/mt from the previous trading day to $55/mt (price range: $50-60/mt), with quotations referencing cargoes arriving from September to mid-to-late October.

Today, the SHFE/LME price ratio declined significantly into inversion, and market demand was sluggish. Meanwhile, domestic copper cathode social inventory continued to decline, and domestic spot premiums rose to high levels. Suppliers were reluctant to sell at low prices, with few bids and offers in early trading, leaving the market relatively quiet. Today, mainstream quotations for registered ER copper warrants were heard at $120-130/mt; mainstream quotations for registered ER copper B/L arriving in late September were around $120/mt; mainstream quotations for EQ copper arriving in October were at $60-70/mt.

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