Spot supply shortage continues to intensify, premiums climb to record highs [SMM Yangshan spot copper]

Published: Oct 28, 2026 12:15 (GMT+8)

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On October 28, the average warrant price rose $17/mt from the previous trading day to $205/mt (price range: $190-220/mt); the average B/L price rose $20/mt from the previous trading day to 195 yuan/mt (price range: 190-200 yuan/mt); the average EQ copper (CIF B/L) price rose $2/mt from the previous trading day to $95/mt (price range: $90-100/mt), with offers referencing cargoes arriving from late October to early December.

Although the SHFE/LME price ratio weakened today, the market shortage continued to intensify, and the scarcity of available supply prompted suppliers to keep raising offers, with premium transaction centers climbing rapidly. It was heard that registered copper B/Ls arriving in mid-November and December traded at $200/mt today, registered copper B/Ls arriving from late November to December were offered at $195-220/mt, and EQ copper arriving from late November to early December was offered at $100/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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