Intraday SHFE/LME Price Ratio Recovered with a Small Number of Buyers Seeking Cargo, Yangshan Copper Premiums Rebounded [SMM Yangshan Spot Copper]

April 29, 2026: The average warrant price rose by $2/mt from the previous trading day, closed at $64/mt (price range $56-74/mt); the average B/L price rose by $2/mt from the previous trading day, closed at $61/mt (price range $51-73/mt); the average EQ copper (CIF B/L) price rose by $1/mt from the previous trading day, closed at $31/mt (price range $20-42/mt), with quotes referencing cargoes arriving from late April to early-to-mid May.

   The SHFE/LME price ratio recovered during the day, and some buyers in the market had purchase demand. Cargoes arriving both before and after the holiday were offered, but buyers mainly focused on first-hand sources, so despite some transactions, liquidity remained weak. It was heard that a small volume of ER copper B/L arriving in mid-to-late April was quoted at $50/mt, QP May; late April arriving EQ B/L was offered at $20/mt; mid-May arriving 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 quoted at $50-60/mt, with a small volume traded at $50-55/mt, QP May.