The Price Spread Between Registered Copper and EQ Continued to Narrow, and Buyers Actively Sought Cargo [SMM Yangshan Spot Copper]

     March 17, 2026: Today, the average warrant price rose by $1/mt from the previous trading day and closed at $47/mt (price range: $42-52/mt); the average B/L price rose by $1/mt from the previous trading day and closed at $46/mt (price range: $41-51/mt); the average EQ copper (CIF B/L) price rose by $4/mt from the previous trading day and closed at $25/mt (price range: $19-31/mt), with quotations referring to cargoes arriving from late March to mid-April.

   During the day, a large number of buyers were seeking EQ and OG copper B/Ls for nearby arrivals. It was heard that a small volume of pyrometallurgy B/Ls arriving in late March was offered at $50-60/mt, QP April; EQ B/L offers for arrivals in late March and early April were quoted at $35, and EQ B/Ls arriving in mid-to-late April were quoted at $35/mt, QP May. General pyrometallurgy warrants for delivery within the week were quoted at $50/mt, QP April.