SHFE/LME price ratio and structure improve, buyers and sellers diverge [SMM Yangshan spot copper]

Published: Sep 29, 2026 11:56 (GMT+8)

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On September 29, the average warrant price rose by $2/mt from the previous trading day to $119/mt (price range: $110-128/mt); the average B/L price rose by $2/mt from the previous trading day to 114 yuan/mt (price range: 104-124 yuan/mt); the average price of EQ copper (CIF B/L) rose by $1/mt from the previous trading day to $53/mt (price range: $46-60/mt), with quotes referencing cargoes arriving from late September to October.

The SHFE/LME price ratio recovered today, with the LME nearby contract backwardation structure narrowing notably. Market inquiry activity picked up, but offers for spot imported copper were limited and relatively high, leaving buyers and sellers far apart. Additionally, some market participants had already entered the holiday, keeping actual transactions sluggish. Today, registered pyrometallurgy copper warrants for post-holiday delivery were heard quoted at $140/mt, and EQ copper arriving in late October was quoted at $70-75/mt.

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