Downstream Consumption Trend Weakened; Yangshan Copper Premiums May Have Peaked and Pulled Back [SMM Spot Copper in Yangshan]

April 23, 2026: The average warrant price rose by $1/mt from the previous trading day, closing at $69/mt (price range $64-74/mt). The average B/L price rose by $1/mt from the previous trading day, closing at $66/mt (price range $63-71/mt). The average EQ copper (CIF B/L) price rose by $1/mt from the previous trading day, closing at $37/mt (price range $32-42/mt), with quotations referencing cargoes arriving from late April to early-to-mid May.

   The market remained sluggish during the day, with neither buyers nor sellers actively seeking cargoes. It was heard that downstream counterbid intentions began to trend lower, and consumption-side performance was weak. A small volume of ER copper B/L arriving in mid-to-late April was heard offered at $80/mt, QP May. Mid-April EQ B/L was offered at $40/mt, EQ B/L arriving in mid-to-late April was offered at $40/mt, and B/L arriving in mid-May was offered at $50/mt, with a small volume traded at $38-40/mt, QP May. ER copper warrants for delivery within this week were offered at $78-80/mt, with a small volume traded at $70-73/mt, QP May.