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.

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 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.

SMM Morning Meeting Summary: On Friday evening, LME copper opened at $9,566/mt, touching a low of $9,532/mt shortly after the opening bell. It then fluctuated upward throughout the session, reaching a high of $9,654.5/mt near the close, and finally closed at $9,647.5/mt, down 0.44%. Trading volume reached 18,000 lots, and open interest reached 291,000 lots. On Friday evening, the most-traded SHFE copper 2507 contract opened at 77,910 yuan/mt, touching a low of 77,810 yuan/mt shortly after the opening bell. It then fluctuated upward throughout the session, reaching a high of 78,480 yuan/mt near the close, before pulling back slightly to close at 78,350 yuan/mt, down 0.06%. Trading volume reached 30,000 lots, and open interest reached 192,000 lots.

SMM News on June 13: Metal Market: As of the daytime close, domestic market base metals generally fell, with only SHFE aluminum and SHFE lead rising together. SHFE aluminum rose by 0.49%, and SHFE lead rose by 0.27%. SHFE zinc led the decline with a drop of 1.09%, SHFE copper fell by 0.85%, and the rest of the metals all dropped slightly. Alumina fell by 1.38%, the main continuous contract of foundry aluminum fell by 0.03%. In addition, the main continuous contract of lithium carbonate fell by 1.38%, the main continuous contract of silicon metal fell by 1.8%, and the main continuous contract of polysilicon fell by 0.49%. The main continuous contract of European container shipping rose by 2.76%. On the ferrous metals series front, most prices fell. Stainless steel fell by 0.24%, rebar fell by 0.2%, and HRC fell by 0.26%. In the coking coal and coke sector, coking coal rose by 0.06%, and coke rose by 0.75%. In the overseas market, as of 15:05, overseas market base metals collectively fell, with LME copper and LME zinc both falling over 1%. LME copper fell by 1.1%, and LME zinc fell by 1.21%. The declines of the remaining metals were all within 1%. In the precious metals sector, as of 15:05, COMEX gold fell by 0.97%, reaching a high of $3,467 per ounce during the session, hitting a new high since April 22. COMEX silver fell by 0.36%. Domestically, SHFE gold rose by 1.72%, reaching a high of 801.14 yuan per gram during the session, hitting a new high since May 8. SHFE silver fell by 0.49%. Market conditions as of 15:05 today 》Click to view SMM market dashboard Macro Front Domestic front: [Guangzhou: Optimizing Real Estate Policies by Fully Lifting Purchase, Sales, and Price Restrictions, and Reducing Loan Down Payment Ratios and Interest Rates] The "Implementation Plan for Special Actions to Boost Consumption in Guangzhou (Draft for Public Comment)" is open for public comment. It mentions that consumption restrictions will be reduced in an orderly manner. Real estate policies will be optimized by fully lifting purchase, sales, and price restrictions, and reducing loan down payment ratios and interest rates. This will better meet housing consumption needs. Solid progress will be made in the renovation of urban villages and old residential communities. In 2025, it is planned to promote the renovation of over 150 old residential communities, replace over 9,000 old elevators in residential buildings, and complete fixed asset investment of 100 billion yuan in the renovation of urban villages. The use of special loans to purchase existing commercial housing as resettlement housing will be promoted. The policy on the use of housing provident funds will be continuously optimized, supporting depositors in applying for individual housing loans from housing provident funds while withdrawing housing provident funds to pay for down payments on home purchases, and further optimizing policy measures for rent withdrawal. ► The central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market on June 13 was 7.1772 yuan per US dollar. US dollar front: As of 15:05, the US dollar index rose by 0.3% to 98.15. US PPI data fell short of expectations, with initial jobless claims reaching a new high since October last year. Expectations for a US Fed interest rate cut in September continued to rise. US PPI in May increased by 2.6% YoY, in line with expectations. US PPI in May rose by 0.1% MoM, missing expectations of 0.2%. The number of initial jobless claims in the US for the week ending June 7 reached 248,000, the highest since the week of October 5, 2024. Traders now expect the US Fed to cut interest rates by 55 basis points before the end of the year, starting in September instead of the previously anticipated October. Macro: Today, data including China's M2 money supply annual rate for May (the exact time between June 13-17 is uncertain), China's aggregate financing to the real economy year-to-date for May, China's new RMB loans year-to-date for May, the preliminary US University of Michigan consumer sentiment index for June, the eurozone's seasonally adjusted trade balance for April, the eurozone's total reserve assets for May, the final annual CPI rate for Germany in May, the monthly manufacturing sales rate for Canada in April, and the monthly new orders rate for Canada's manufacturing sector in April will be released. Additionally, the National Energy Administration typically releases data on total electricity consumption around the 15th of each month. Crude Oil: Due to renewed concerns about supply disruptions, as of 15:05, oil prices in both markets surged by over 5%, with US crude oil rising by 5.54% and Brent crude oil increasing by 5.41%. US crude oil briefly reached $77.64 per barrel, the highest since January 20, while Brent crude oil briefly hit $78.5 per barrel, the highest since January 23, both marking new highs in nearly five months. Analysts from ING reported, "This significantly increases the uncertainty surrounding geopolitical risks, requiring the oil market to price in a larger risk premium for any potential supply disruptions." SMM Daily Review ► June 13: The SHFE aluminum squeeze remains unresolved, with the market witnessing "negative processing fees" for aluminum billets [Daily Review of Spot Aluminum Billets] ► [SMM Daily Review of Nickel Sulphate] June 13: Nickel salt prices remained stable. ► [SMM Daily Review of MHP] June 13: Indonesian MHP prices slightly declined. SMM Weekly Review ► Mid-year negotiation results begin to emerge, with KK mine's copper production target slashed by 28% [SMM Weekly Review of Spot Copper Concentrates] ► Deteriorating price ratios lead to inactivity from both buyers and sellers, with Yangshan copper premiums remaining at low levels [SMM Weekly Review of Yangshan Copper] ► Smelters continue to fulfill prior contracts, with domestic TCs remaining stable [SMM Weekly Review of Zinc Concentrates] ► This week's sales promotions boosted operating rates, but market demand is gradually weakening [SMM Weekly Review of Wire and Cable Market]

》Check SMM metal quotes, data, and market analysis 》Subscribe to view historical price trends of SMM metal spot cargo This week (June 9-13), the weekly average price range of Yangshan copper premiums B/L transactions was US$49.6-62.4/mt, with QP July, and the average price was US$62.4/mt, down US$27.85/mt WoW. The price range of warrants was US$32.8-47.2/mt, with QP June, and the average price was US$40/mt, down US$31.5/mt WoW, QP June. The EQ copper CIF B/L price was US$6.4-18.8/mt, with an average price of US$12.6/mt, down US$27.15/mt WoW, QP July. As of June 13, the SHFE/LME copper price ratio for the SHFE copper 2506 contract was 8.1659, with an import profit margin of around -820 yuan/mt. As of Friday, LME copper 3M-Jun was in backwardation of US$83.51/mt; the spread between the June date and July date swap fees was approximately US$40.11/mt backwardation. Currently, the firm offer price for high-quality ER copper warrants is US$47/mt, while the mainstream pyrometallurgy and domestic warrants are priced at US$30-40/mt. SX-EW spot cargo is hard to find. High-quality copper B/L spot cargo is hard to find, while the mainstream pyrometallurgy and domestic warrants are priced at around US$30-55/mt, and SX-EW spot cargo is hard to find. The CIF B/L price for EQ copper ranges from US$4/mt to US$18/mt, with an average price of US$11/mt. Since last Friday, the SHFE/LME price ratio has declined significantly, resulting in a loss of approximately 1,500 yuan/mt for spot imports against the SHFE copper 2506 contract. The sharp decrease in active imports also indicates the emergence of an export profit window. According to SMM, the planned export volume (sum of exports to bonded areas and to LME) from domestic smelters in this round is approximately 50,000 mt. Traders are also taking the opportunity to actively purchase at low prices from domestic smelters, leading to a significant decline in offshore US dollar copper premiums, particularly for domestic warrants in bonded areas and B/L for domestic brands arriving at the port. As of this week, the spot market has been sluggish. The high backwardation structure and low premium environment for LME copper have resulted in low willingness to trade among both buyers and sellers, with only a few traders making small transactions to fill long-term contract gaps. Looking ahead to next week, SMM maintains its unchanged market outlook. Both Yangshan copper warrant and B/L premiums are expected to remain difficult to recover. The LME backwardation structure is anticipated to continue expanding upwards, with the SHFE/LME price ratio unlikely to recover. Market activity is expected to remain low, and Yangshan copper premiums are projected to continue operating at low levels. According to the SMM survey, as of Thursday (June 12), copper inventories in domestic bonded areas increased by 1,700 mt from the previous period (June 5) to 59,700 mt. Among them, bonded copper inventories in Shanghai increased by 0.17 mt to 53,700 mt, while bonded copper inventories in Guangdong remained unchanged from the previous period. The main reason for the increase in bonded area inventories this week was the slow customs clearance of imported B/Ls arriving at the port. Since last Friday, import losses have widened significantly, Yangshan copper premiums have declined sharply, and traders' willingness to import has decreased. Some of the B/Ls for arriving shipments have been converted into bonded warehouse inventory. Meanwhile, domestic smelters plan to increase their exports, leading to an increase in bonded area inventory. Looking ahead, it is expected that the export of bonded cargo from domestic smelters will arrive gradually, and bonded warehouse inventory is expected to continue to increase. 》View the SMM Metal Industry Chain Database

June 13, 2025 News: Today, warrant prices ranged from $30 to $46/mt, with QP June, and the average price remained unchanged from the previous trading day. B/L prices ranged from $48 to $72/mt, with QP July, and the average price remained unchanged from the previous trading day. EQ copper (CIF B/L) prices ranged from $4 to $18/mt, with QP July, and the average price remained unchanged from the previous trading day. Quotations referenced cargoes arriving in late June and early July. Today's market showed no significant changes compared to yesterday, with buyers and sellers mostly adopting a wait-and-see attitude. Domestic warrants were quoted at around $45-60 today, with a few transactions heard at $30-40 for the $60-80 range, QP July. Domestic B/Ls arriving in early July were quoted at $60, with a few transactions concluded at $45-55, QP July. EQ arriving in early July was quoted at $20, with counteroffers still in negative territory and no transactions heard, QP July. Overall, Yangshan copper premiums have stabilized at the bottom, with a few long-term contract restocks by buyers resulting in transactions.

》View SMM metal quotes, data, and market analysis 》Subscribe to view historical price trends of SMM metal spot cargo This week (June 3-6), the weekly average price range of Yangshan copper premiums B/L transactions was $74-106.5/mt, with QP June, and the average price was $90.25/mt, down $14.75/mt WoW. The price range of warrants was $66.5-76.5/mt, with QP June, and the average price was $71.5/mt, down $18.7/mt WoW, QP June. The EQ copper CIF B/L price was $32.5-47/mt, with an average price of $39.75/mt, down $29.25/mt WoW, QP June. As of May 30, the SHFE/LME copper price ratio for the SHFE copper 2506 contract was 8.0898, and the import profit margin was around -1,500 yuan/mt. As of Friday, LME copper 3M-Jun was in backwardation of $80.91/mt; the spread between the June date and July date swap fees was approximately BACK $31/mt. Currently, the actual price of high-quality ER copper warrants is $47/mt, mainstream pyrometallurgy and domestic warrants are priced at $30-40/mt, and SX-EW spot cargo is hard to find. High-quality copper B/L spot cargo is hard to find, mainstream pyrometallurgy and domestic warrants are priced at around $50-80/mt, and SX-EW spot cargo is hard to find. CIF B/L EQ copper is priced at $8-20/mt, with an average price of $14/mt. The offshore market experienced significant fluctuations this week. As the LME-COMEX price spread widened to around $1,300/mt at the beginning of the week, CME registered B/L and Australian copper arriving in mid-to-early June were swept up, with transactions exceeding $200 at the beginning of the week. However, the SHFE/LME price ratio continued to decline, and domestic warrant and B/L quotes fell, making it difficult to secure transactions. As a result, there were significant differences between buyers and sellers during the week, and market transaction prices diverged widely. Due to large traders hoarding inventories in the global market, the LME backwardation structure rose to $80/mt at the end of the week, and the destocking process in Asia continued. Overall, supplies began to concentrate and move towards bonded areas. Looking ahead to next week, LME inventories are expected to continue declining before the June date, as there is limited room for the copper price ratio to recover amid rising copper prices. Under the combined impact of onshore B/L and export supplies, Yangshan copper premiums for both warrants and B/L are unlikely to rebound, and the market is expected to remain divided in the short term. The LME backwardation structure is expected to continue expanding upwards, and the holding costs for suppliers are expected to increase. The market is expected to rebound when domestic inventories start to decline again. Yangshan copper premiums are expected to continue declining slightly. According to the SMM survey, as of Thursday (June 5), domestic bonded area copper inventories rose by 3,800 mt from the previous period (May 29) to 58,000 mt. Among them, Shanghai bonded area inventories rose by 0.25 mt to 52,000 mt, and Guangdong bonded area inventories rose by 1,300 mt to 6,000 mt. The main reason for the rebound in bonded area inventory this week was the decrease in active customs clearance imports caused by the deterioration of the SHFE/LME price ratio. In terms of supply, LME canceled B/Ls continued to arrive at ports. Additionally, with the opening of the export window, domestic smelters successively formulated new export plans, leading to a temporary halt in the overall inventory drawdown. Looking ahead, it is expected that some domestic smelters will export to bonded sources next week. Coupled with the slow arrival and customs clearance of imported B/Ls, it is anticipated that bonded warehouse inventory will continue to increase. 》View the SMM Metal Industry Chain Database

SMM, June 6: Today, the SHFE/LME price ratio collapsed, with the LME copper 3M contract trading at a discount of approximately 1,600 yuan/mt to the SHFE copper 2506 contract. The LME copper 3M-Jun was in backwardation of $80.91/mt, and the spread between the June date and July date swap fees widened to approximately $31/mt backwardation. On the same day, the spot premium for imported copper fell sharply. Today, the SMM Yangshan copper premiums (warrant) were reported at $35 to $47/mt, with a QP in June, and the average price dropped by $38/mt compared to the previous trading day. The Yangshan copper premiums (B/L) were reported at $50 to $80/mt, with a QP in July, and the average price dropped by $33/mt compared to the previous trading day. The EQ copper (CIF B/L) premiums ranged from $8/mt to $20/mt, with a QP in July, and the average price dropped by $32/mt compared to the previous trading day. According to SMM, major domestic smelters are currently arranging for exports, and it is expected that the offshore spot premiums will continue to face downward pressure in the short term.