SHFE/LME Price Ratio Recovered in Early Trading, Warrant Demand Surged [SMM Yangshan Spot Copper]

April 2, 2026: The average warrant price was unchanged from the previous trading day, closing at $65/mt (price range: $60-70/mt); the average B/L price was unchanged from the previous trading day, closing at $61/mt (price range: $56-66/mt); the average price of EQ copper (CIF B/L) was unchanged from the previous trading day, closing at $34/mt (price range: $28-40/mt), with quotations referring to cargoes scheduled to arrive from mid-April to early May.

  Intraday, the SHFE/LME price ratio recovered again. It was learned that in early trading, market traders and downstream buyers saw increased demand for warrants. Quotations generally moved higher, but no large-volume deals were heard. It was heard that a small volume of pyrometallurgy B/L arriving in mid-April was offered at $70/mt, QP May; EQ B/L for mid-April was offered at $40, EQ B/L arriving in mid-to-late April was offered at $40/mt, B/L arriving in mid-May was offered at $55/mt, with a small volume traded at $28-33/mt, QP May. General pyrometallurgy warrants for delivery within the week were offered at $60/mt, QP May.