High Registration Demand in Early June but Limited Overall Transactions [SMM Yangshan Spot Copper]

May 20, 2026: The average warrant price remained unchanged from the previous trading day, closed at $72/mt (price range $68-76/mt); the average B/L price remained unchanged from the previous trading day, closed at $71/mt (price range $66-76/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day, closed at $41/mt (price range $38-44/mt), with quotations referencing cargoes arriving in mid-to-late May and early June.

 Last week, a small volume of smelter exports to bonded warehouses was heard, with limited transactions reported in the market. Demand for registered warrants arriving in early June remained high. A small volume of ER copper B/L arriving in early June was heard quoted at $80/mt, QP May; EQ B/L for early June arrival was offered at $50-55/mt; EQ B/L arriving in late May was quoted at $50/mt, QP May-June. This week, ER copper warrants for prompt delivery were quoted at $80-85/mt, with limited transactions concluded at $75/mt, QP June.