In May 2026, China imported 191,000 mt in physical content of copper scrap and shredded copper scrap, down 9.78% MoM but up 3.14% YoY.

[SMM Analysis: LME Copper Prices Fluctuate at Highs; Procurement Slows Across China, Japan, and South Korea Amid Flat Market Turnover]This week, LME copper prices fluctuated at high levels. Quotations for bare bright copper held high at 98.5%–99% payability. In contrast, offers for No. 2 ccopper material scrap(Birch/Cliff) showed distinct divergence. However the global recycled raw material market currently exhibits a gridlock defined by "weak supply and demand."

Operating rate data showed a continued pullback, with significant polarization among enterprises. Data indicates that the comprehensive operating rate for copper billet enterprises in May stood at 49.27%, down 2.91 percentage points MoM and down 0.65 percentage points YoY.

The COMEX-LME copper price spread has continued to widen over the past two weeks, reaching approximately $400/t by late May and touching a recent high of $500/t. With the cross-market arbitrage window remaining open, traders have accelerated the cancellation of LME registered warrants and the transfer of material to the United States. LME copper inventory drawdowns have picked up pace, falling 3,375 tonnes on May 29th to 386,050 tonnes — a fresh 10-week low. Cancelled warrants currently account for 30.87% of total LME copper inventory, with more than half concentrated in US LME warehouses, reflecting clear intent to move metal. Meanwhile, COMEX copper inventories have continued to build to approximately 575,000 tonnes. According to SMM, CIF Shanghai COMEX registered bill-of-lading warrants

On June 1, the average warrant price fell by $1/mt from the previous trading day to $69/mt (price range: $65-73/mt); the average B/L price fell by $1/mt from the previous trading day to $70/mt (price range: $66-74/mt); the average EQ copper (CIF B/L) price fell by $2/mt from the previous trading day to $39/mt (price range: $34-44/mt), with quotes referencing cargoes arriving in June and early July. Intraday market offers showed notable divergence. COMEX registered B/Ls, due to the persistently elevated COMEX-LME price spread (recently sustained above $400/mt), were quoted as high as $150/mt (QP July, ETA month-end June), with limited purchase willingness from buyers. For mainstream brands, EQ cargoes arriving in early June were quoted at $45/mt (QP June), with significant premium differentiation among brands. On the SHFE/LME price ratio front, SHFE copper fluctuated at highs within the 103,000-106,000 yuan/mt range, while LME three-month copper was recently quoted around $13,600/mt. The SHFE/LME copper price ratio was slightly weak, with the import window largely at a marginal loss or breakeven level, suppressing mainstream B/L buying interest, and overall trading remained sluggish.

[SMM Analysis] This week (April 27-April 30), Yangshan copper premiums B/L weekly average price range was 53.5-71.5 $/mt, QP June, average price $62.5/mt; warrant weekly average price range was 56-72.5 $/mt, QP May, average price $64.25/mt; EQ copper CIF B/L was 22.5-41 $/mt, QP June, average price $31.75/mt.