Buyer Procurement Demand Surged in a Concentrated Manner, Sending Yangshan Copper Premiums Sharply Higher [SMM Yangshan Spot Copper]

     March 25, 2026: Today, the average warrant price rose by $17/mt from the previous trading day, closing at $69/mt (price range: $62-76/mt); the average B/L price rose by $14 from the previous trading day, closing at $67/mt (price range: $60-74/mt); the average EQ copper (CIF B/L) price rose by $9 from the previous trading day, closing at $39/mt (price range: $32-44/mt), with quotations referring to cargoes arriving in early to mid-April.

  Since yesterday afternoon, downstream market participants and trader buyers had been very active in seeking cargoes, and nearby-port B/L cargoes were quickly sold out. By this morning, only some B/L offers for cargoes arriving in mid-to-late April remained in the market, and prices stayed firm. It was heard that small volumes of ER copper B/L arriving in early April were quoted at $65-75/mt, QP April; EQ B/L arriving in mid-April was offered at $45, while EQ B/L arriving in mid-to-late April was offered at $45/mt, with buyer counteroffers at $40/mt, and both April and May QP were available. General ER copper warrants for delivery within this week were quoted at $70-75/mt, QP April.