Near-Port Warehouse B/L Premiums Dropped Sharply, Forward-Month Trade Also Sluggish [SMM Yangshan Spot Copper]

April 28, 2026: The average warrant price fell by $5/mt from the previous trading day, closing at $62/mt (price range $56-70/mt); the average B/L price fell by $6/mt from the previous trading day, closing at $59/mt (price range $51-69/mt); the average EQ copper (CIF B/L) price fell by $5/mt from the previous trading day, closing at $30/mt (price range $20-40/mt), with quotations referencing cargoes arriving from late April to early-to-mid May.

   Intraday spot trading remained affected by month-end settlement. Importers had extremely low willingness to import cargoes arriving at month-end, and thus mostly sold at low prices before arrival. A small volume of ER copper B/L arriving in mid-to-late April was heard offered at $50/mt, QP May; late April EQ B/L was offered at $20/mt, mid-May arrival EQ B/L was offered unchanged at $45-50/mt, with a small volume traded at $38-40/mt, QP May. ER copper warrants for delivery within this week were offered at $50-60/mt, with a small volume traded at $50-55/mt, QP May.