[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.

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.

April 24, 2026: The average warrant price fell $2/mt from the previous trading day, closing at $67/mt (price range: $62–72/mt); the average B/L price fell $1/mt from the previous trading day, closing at $65/mt (price range: $61–71/mt); the average EQ copper (CIF B/L) price fell $2/mt from the previous trading day, closing at $35/mt (price range: $30–40/mt), with quotations referencing cargoes arriving from late April to mid-to-early May. Yangshan copper premiums pulled back as expected during the session. Bids from downstream buyers remained low, while the volume of spot order offers increased notably. Buyers and sellers were at odds, and concluded deals were significantly limited. It was heard that a small volume of ER copper B/L arriving in mid-to-late April was offered at $80/mt, quotation period (QP) May; mid-April EQ B/L offers were heard at $40/mt, EQ B/L arriving in mid-to-late April was offered at $40/mt, B/L arriving in mid-May was offered at $50/mt, with a small volume concluded at 38–40, quotation period (QP) May. ER copper warrants for delivery within the week were offered at 78–80, with a small volume concluded at 70–73, quotation period (QP) May.

April 23, 2026: The average warrant price rose by $1/mt from the previous trading day, closing at $69/mt (price range $64-74/mt). The average B/L price rose by $1/mt from the previous trading day, closing at $66/mt (price range $63-71/mt). The average EQ copper (CIF B/L) price rose by $1/mt from the previous trading day, closing at $37/mt (price range $32-42/mt), with quotations referencing cargoes arriving from late April to early-to-mid May. The market remained sluggish during the day, with neither buyers nor sellers actively seeking cargoes. It was heard that downstream counterbid intentions began to trend lower, and consumption-side performance was weak. A small volume of ER copper B/L arriving in mid-to-late April was heard offered at $80/mt, QP May. Mid-April EQ B/L was offered at $40/mt, EQ B/L arriving in mid-to-late April was offered at $40/mt, and B/L arriving in mid-May was offered at $50/mt, with a small volume traded at $38-40/mt, QP May. ER copper warrants for delivery within this week were offered at $78-80/mt, with a small volume traded at $70-73/mt, QP May.

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.

News dated March 18, 2026: Today, the average warrant price was unchanged from the previous trading day, closing at $47/mt (price range: $42-52/mt); the average B/L price was unchanged from the previous trading day, closing at $46/mt (price range: $41-51/mt); the average EQ copper (CIF B/L) price was unchanged from the previous trading day, closing at $25/mt (price range: $19-31/mt), with quotations referenced to cargoes arriving from late March to mid-April. Intraday, the SHFE/LME price ratio premium showed no significant fluctuations, and market transactions remained active. It was heard that a small volume of pyrometallurgy B/L arriving in late March was quoted at $50-60/mt, QP April; EQ B/L for late March and early April was offered at $35, and EQ B/L arriving in mid-to-late April was quoted at $35/mt, QP May. Ordinary ER copper warrants for delivery within this week were quoted at $50/mt, QP April.

March 10, 2026: Today, the average price of warrants was unchanged from the previous trading day; the average price of B/L was unchanged from the previous trading day, while the average price of EQ copper (CIF B/L) rose by $2/mt from the previous trading day, with quotes referring to cargoes expected to arrive from mid-to-late March to early April. There were still relatively many offers in the market intraday, but transactions declined from yesterday. It was heard that a small volume of ER copper B/L arriving in late March was closed at $55-60/mt, quotation period (QP) April; EQ B/L arriving in late March and early April was offered at $25-30/mt, and EQ B/L arriving in mid-to-late April was offered at $35/mt, quotation period (QP) May. ER copper and two-brand B/L for delivery within this week were offered at $60-65/mt, quotation period (QP) April.

February 26, 2026: Today, warrant prices were $45-55/mt, QP March, with the average price flat from the previous trading day; B/L prices were $42-52/mt, QP March, with the average price flat from the previous trading day; ER copper (CIF B/L) was $15-23/mt, QP March, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in late February and early March. The intraday market remained largely consistent with yesterday, with supply and demand in balance. A small amount of pyrometallurgy B/L for late February arrival was heard closed at $55-60/mt, QP March; ER B/L for late February and early March arrival were offered at $25-30/mt, QP March, while ER B/L for mid-to-late March arrival were offered at $30/mt, QP April. Warrant prices rose sharply, with pyrometallurgy and two-brand B/L offered at $60-65/mt, QP March-April.

News on February 25, 2026: Today, warrant prices were $45-57/mt, QP March, with the average price down $2/mt from the previous trading day; B/L prices were $42-54/mt, QP March, with the average price down $1/mt from the previous trading day; ER copper (CIF B/L) was $15-23/mt, QP March, with the average price down $1/mt from the previous trading day. Quotations referred to cargoes arriving in late February and early March. Due to some traders having short demand for long-term contracts, QP March warrant transactions were active. As the LME contango structure remained steep, there were some arbitrage-driven trades. It was heard that a small amount of pyrometallurgy B/L for late February arrival closed at $55-60/mt, QP March; ER B/L offers for late February and early March closed at $25-30/mt, while ER B/L for mid-to-late March arrival was offered at $30/mt, QP April. Warrant prices rose sharply, with pyrometallurgy and two-brand B/L offered at $60-65/mt, QP March-April.

News on February 5, 2026: Today, warrant prices were $28-46/mt, QP February, with the average price up $1/mt from the previous trading day; B/L prices were $36-52/mt, QP March, with the average price up $1/mt from the previous trading day; ER copper (CIF B/L) was $12-24/mt, QP March, with the average price up $4/mt from the previous trading day, and the quotation referred to cargoes arriving in mid-February. During the day, there were many offers in the market but only sporadic transactions, and the forward premium for ER B/L continued to rise. Warrant offers were heard at $40-50, with QP covering February to March; transactions were concentrated around $30-40/mt, and cargoes for delivery in late February were heard traded at $35-40/mt, QP March. A small number of pyrometallurgy B/Ls for late February arrival were offered at $50-60/mt, QP March; ER B/L offers for late February were heard at $15-25, while ER B/Ls for arrival in early to mid-February were offered at $10-20/mt, with transactions heard at $25, QP March.