COMEX-LME Price Spread Continues to Widen, Buyer Trading Center Shifts [SMM Yangshan Spot Copper]

May 14, 2026: The average warrant price remained flat compared to the previous trading day, closed at $72/mt (price range $68-76/mt); the average B/L price remained flat compared to the previous trading day, closed at $71/mt (price range $67-75/mt); the average EQ copper (CIF B/L) price remained flat compared to the previous trading day, closed at $40/mt (price range $36-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June.

   Copper prices pulled back significantly during the day, with sellers holding back and observing, while buyers' purchase willingness was not well demonstrated. The market was still trading the LME-COMEX price spread. It was heard that a small volume of ER copper B/L arriving in early May was quoted at $80/mt, QP May; early June EQ B/L was offered at $55/mt; EQ B/L arriving in mid-May was quoted at $50/mt, QP May-June. General ER copper warrants for delivery within this week were quoted at $80-85/mt, with no transactions heard so far, QP June.