March 31, 2026: The average warrant price fell by $1/mt from the previous trading day and closed at $67/mt (price range: $62-72/mt); the average B/L price fell by $1/mt from the previous trading day and closed at $66/mt (price range: $60-70/mt); the average EQ copper (CIF B/L) price fell by $2/mt from the previous trading day and closed at $37/mt (price range: $30-44/mt), with quotations referring to cargoes scheduled to arrive from mid-April to early May. During the day, sellers remained active in making shipments, and offers for forward-month B/Ls were active. It was heard that a small volume of pyrometallurgy B/Ls arriving in mid-April was offered at $70/mt, quotation period (QP) May; EQ B/L offers for mid-April were heard at $45, EQ B/Ls arriving in mid-to-late April were offered at $45/mt, and B/Ls arriving in mid-May were offered at $55/mt. General ER copper warrants for delivery within the week were offered at $60/mt, quotation period (QP) May.

March 30, 2026: The average warrant price was unchanged from the previous trading day, closing at $68/mt (price range: $62-74/mt); the average B/L price was unchanged from the previous trading day, closing at $66/mt (price range: $60-72/mt); the average EQ copper (CIF B/L) price rose by $2/mt from the previous trading day, closing at $39/mt (price range: $34-44/mt), with quotations referring to cargoes arriving in April. At the beginning of this week, market offers shifted toward forward months, while suppliers' offers remained at elevated levels. It was heard that a small volume of pyrometallurgy B/L arriving in early April was offered at $60-65/mt, quotation period (QP) May; EQ B/L arriving in mid-April was offered at $40, and EQ B/L arriving in mid-to-late April was offered at $40-45/mt, with buyers counteroffering at $40/mt, all with quotation period (QP) May. General ER copper warrants deliverable within this week were offered at $60/mt, quotation period (QP) May.

March 24, 2026: The average warrant price was unchanged from the previous trading day, closing at $52/mt (price range: $44-60/mt); the average B/L price was unchanged from the previous trading day, closing at $53/mt (price range: $45-61/mt); the average price of EQ copper (CIF B/L) was unchanged from the previous trading day, closing at $30/mt (price range: $25-35/mt), with quotations referring to cargoes scheduled to arrive from late March to mid-April. Intraday offers showed faint signs of continuing to rise, but transactions delivered mediocre performance. It was heard that a small volume of pyrometallurgy B/L arriving in late March was offered at $50-60/mt, QP April; EQ B/L arriving in late March and early April was offered at $35, while EQ B/L arriving in mid-to-late April was offered at $35/mt and traded at $30/mt, with QP available in both April and May. General ER copper warrants for delivery within the week were offered at $50/mt, QP April.

News on March 20, 2026: Today, the average warrant price rose by $1/mt from the previous trading day and closed at $48/mt (price range: $42-54/mt); the average B/L price rose by $1/mt from the previous trading day and closed at $47/mt (price range: $41-53/mt); the average price of EQ copper (CIF B/L) rose by $2/mt from the previous trading day and closed at $28/mt (price range: $21-35/mt), with quotations referring to cargoes arriving from late March to mid-April. During the day, spot transaction premiums continued to rise, and suppliers actively sought bonded warrants or B/L scheduled to arrive in the near term. It was heard that a small volume of ER copper B/L arriving in late March was offered at $50-60/mt, QP April; EQ B/L arriving in late March and early April was offered at $35, while EQ B/L arriving in mid-to-late April was offered at $35/mt and traded at $30/mt, with both April and May QPs available. General ER copper warrants for delivery within this week were offered at $50/mt, QP April.

According to data released by the SHFE on March 20, SHFE copper warrants fell sharply across the board during the day, with total inventory down 18,528 mt from the previous trading day. The decline widened markedly from the previous trading day, and the degree of destocking further strengthened. By region, warrants in major consumption areas posted significant declines: Shanghai down 10,283 mt, Guangdong down 2,654 mt, and Jiangsu down 5,591 mt. Copper prices extended their decline during the day, and downstream enterprises showed strong enthusiasm for buying the dip. Suppliers actively made shipments as spot discounts narrowed, and a large volume of warrant cargo flowed out and was absorbed by downstream enterprises, reflecting the attractiveness of current price levels to downstream enterprises.

[SMM Shanghai Spot Copper] Copper prices opened lower with a gap in the night session yesterday, and some enterprises placed orders to restock at low levels. Intraday purchasing demand increased somewhat, but given that restocking had already been concentrated the previous day, the actual increase in new procurement was limited. According to data released by SHFE on March 19, SHFE copper warrants fell by 12,200 mt during the day, confirming that after copper prices pulled back, downstream enthusiasm for buying the dip picked up, and the center of spot premiums moved higher accordingly. From the market structure perspective, the import profit window widened slightly, and expectations for subsequent inflows of cargo from outside China strengthened, which may put some pressure on the supply side. Overall, amid the tug-of-war between faster destocking and supplier selling, Shanghai spot copper premiums are expected to remain at the current level tomorrow.