LME backwardation structure narrows, SHFE/LME price ratio recovers, registered copper premiums stay high [SMM Yangshan spot copper]

Published: Oct 14, 2026 13:23 (GMT+8)

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On October 14, the average warrant price rose by $10/mt from the previous trading day to $136/mt (price range: $122-150/mt); the average B/L price rose by $4/mt from the previous trading day to $129/mt (price range: $120-138/mt); the average EQ copper (CIF B/L) price was flat from the previous trading day at $60/mt (price range: $55-65/mt), with quotations referencing cargoes arriving from October to early November.

The SHFE/LME price ratio recovered today, and the LME nearby backwardation structure narrowed somewhat. Market activity picked up in early trading, and premiums edged higher. According to SMM price assessment methodology, warrant quotations were adjusted for the QP change today. In addition, due to the current tight supply of registered warrants, warrant offers in the market remained elevated. Mainstream quotations for registered pyrometallurgy copper B/L were heard at around $130-140/mt, with a small number of registered pyrometallurgy copper warrant quotations at around $150-170/mt. Mainstream quotations for EQ copper arriving from late October to early November were at around $65-70/mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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