Early Market Spot Copper Trading Was Sluggish with Limited Transactions, Premiums Generally Flat Compared to Yesterday [SMM Yangshan Spot Copper]

April 21, 2026: The average warrant price remained flat compared to the previous trading day, closed at $68/mt (price range $63-73/mt); the average B/L price remained flat compared to the previous trading day, closed at $66/mt (price range $62-70/mt); the average EQ copper (CIF B/L) price remained flat compared to the previous trading day, closed at $37/mt (price range $32-42/mt), with quotes referencing cargoes arriving from late April to early-to-mid May.

  In the spot market during the day, the SHFE/LME price ratio improved but transactions remained limited. 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, B/L arriving in mid-May was offered at $50/mt, with a small volume transacted at $38-40/mt, QP May. ER copper warrants for delivery within this week were offered at $78-80/mt, with a small volume transacted at $70-73/mt, QP May.