Early Market Trading Volume Declined Overall, Demand Weakened but Transaction Center Held Steady [SMM Yangshan Spot Copper]

April 27, 2026: The average warrant price remained flat compared to the previous trading day, closed at $67/mt (price range $62-72/mt); the average B/L price remained flat compared to the previous trading day, closed at $65/mt (price range $61-71/mt); the average EQ copper (CIF B/L) price remained flat compared to the previous trading day, closed at $35/mt (price range $30-40/mt), with quotes referencing cargoes arriving from late April to early-to-mid May.

   Intraday spot copper trading was affected by month-end settlement, with overall trade volume being relatively small. Some buyers showed weak demand, but a small amount of rigid demand still provided support for premiums. It was heard that a small volume of ER copper B/L arriving in mid-to-late April was quoted 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 quoted at $40/mt, B/L arriving in mid-May was quoted at $50/mt, with a small volume traded at $38-40/mt, QP May. ER copper warrants for delivery within this week were quoted at $78-80/mt, with a small volume traded at $70-73/mt, QP May.