SHFE/LME price ratio recovers but market demand is limited premiums remain flat with yesterday [SMM Yangshan spot copper]

        March 3, 2026: The average price of warrants remained unchanged from the previous trading day; the average B/L price also remained unchanged, with the average price of EQ copper (CIF B/L) remaining flat, referencing shipments arriving in mid to late March.

     Although the SHFE/LME price ratio improved during the day, the volume of shipments significantly exceeded demand. Cargo holders actively sought buyers, but transactions were limited, and premiums did not rise as expected, resulting in overall transactions on par with the previous day. It was heard that a small amount of pyrometallurgy B/Ls arriving in late February were closed at $55-60/mt, QP March; EQ B/L offers for late February and early March arrivals were quoted at $25-30, and EQ B/Ls for mid to late March arrivals were quoted at $30/mt, QP April. Warrant prices rose sharply, with pyrometallurgy and two-brand B/Ls quoted at $60-65/mt, available for QP March-April.