Early Session Market Offers Surged Higher, Spot Copper Trading Sluggish [SMM Yangshan Spot Copper]

May 8, 2026: The average warrant price fell by $1/mt from the previous trading day, closed at $69/mt (price range $64-74/mt); the average B/L price fell by $1/mt from the previous trading day, closed at $66/mt (price range $63-71/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day, closed at $36/mt (price range $32-42/mt), with quotes referencing cargoes arriving in mid-to-late May.

   Intraday market offers were elevated, as the COMEX-LME price spread widened again, with some speculative premium activity on registered copper in the market. Offers were high but attracted almost no interest from buyers. It was heard that a small volume of ER copper B/L arriving in early May was offered at $80/mt, QP May; early June EQ B/L was offered at $55/mt; EQ B/L arriving in mid-May was offered at $50/mt, QP May-June. ER copper warrants for delivery within this week were offered at $80-85/mt, with no deals heard so far, QP June.