On May 27, the average warrant price remained flat from the previous trading day at $71/mt (price range $66-76/mt); the average B/L price remained flat from the previous trading day at $72/mt (price range $68-76/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day at $42/mt (price range $38-46/mt), with quotes referencing cargoes arriving in late May and early June. The market was sluggish during the day, with sellers offering almost no quotes and buyers showing no demand. It was heard that standard ER copper warrants for delivery within the week were quoted at $80-85/mt, with a small volume transacted at $75/mt, QP June.

On May 26, the average warrant price decreased by $2/mt from the previous trading day, closed at $71/mt (price range $66-76/mt); the average B/L price decreased by $1/mt from the previous trading day, closed at $72/mt (price range $68-76/mt); the average EQ copper (CIF B/L) price fell by $1/mt from the previous trading day, closed at $42/mt (price range $38-46/mt), with quotations referencing cargoes arriving in late May and early June. The SHFE/LME price ratio weakened during the day. Some suppliers sold off EQ B/L arriving in the near term. Bonded warrant circulation was limited and prices remained relatively stable, but overall still declined. It was heard that a small volume of ER copper B/L arriving in early June was quoted at $80/mt, QP May; early June EQ B/L was offered at $50-55/mt, and EQ B/L arriving in late May was quoted at $50/mt, QP May-June. Standard ER copper warrants for delivery within this week were quoted at $80-85/mt, with a small volume transacted at $75/mt, QP June.

May 25, 2026: The average warrant price remained unchanged from the previous trading day, closed at $73/mt (price range $70-76/mt); the average B/L price remained unchanged from the previous trading day, closed at $73/mt (price range $70-76/mt); the average EQ copper (CIF B/L) price remained unchanged from the previous trading day, closed at $43/mt (price range $40-46/mt), with quotes referencing cargoes arriving in mid-to-late May and early June. Spot copper trading turned sluggish during the day, with offers largely similar to last week. Possibly affected by China's bill market conditions, import demand was weak. It was heard that a small volume of ER copper B/L arriving in early June was offered at $80/mt, QP May; early June EQ B/L was offered at $50-55/mt, and EQ B/L arriving in late May was offered at $50/mt, QP May-June. Within this week, deliverable regular ER copper warrants were quoted at $80-85/mt, with a small volume traded at $75/mt, QP June.

May 25, 2026: The average warrant price rose by $1/mt from the previous trading day, closed at $73/mt (price range $70-76/mt); the average B/L price rose by $1/mt from the previous trading day, closed at $73/mt (price range $70-76/mt); the average EQ copper (CIF B/L) price rose by $2/mt from the previous trading day, closed at $43/mt (price range $40-46/mt), with quotations referencing cargoes arriving in mid-to-late May and early June. Intraday spot bid-offer price spreads narrowed significantly. A small volume of ER copper B/L arriving in early June was heard offered at $80/mt, QP May; early June EQ B/L was offered at $50-55/mt, and late May arriving EQ B/L was offered at $50/mt, QP May-June. Within this week, deliverable general ER copper warrants were offered at $80-85/mt, with a small volume traded at $75/mt, QP June.

May 20, 2026: The average warrant price remained unchanged from the previous trading day, closed at $72/mt (price range $68-76/mt); the average B/L price remained unchanged from the previous trading day, closed at $71/mt (price range $66-76/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day, closed at $41/mt (price range $38-44/mt), with quotations referencing cargoes arriving in mid-to-late May and early June. Last week, a small volume of smelter exports to bonded warehouses was heard, with limited transactions reported in the market. Demand for registered warrants arriving in early June remained high. A small volume of ER copper B/L arriving in early June was heard quoted at $80/mt, QP May; EQ B/L for early June arrival was offered at $50-55/mt; EQ B/L arriving in late May was quoted at $50/mt, QP May-June. This week, ER copper warrants for prompt delivery were quoted at $80-85/mt, with limited transactions concluded at $75/mt, QP June.

May 21, 2026: The average warrant price remained unchanged from the previous trading day, closed at $72/mt (price range $68-76/mt); the average B/L price remained unchanged from the previous trading day, closed at $71/mt (price range $66-76/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day, closed at $41/mt (price range $38-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June. The spot market was sluggish during the day. Suppliers mostly offered registered warrants and EQ arriving in early June, but transactions were limited due to the pullback in the SHFE/LME price ratio. It was heard that a small volume of ER copper B/L arriving in early June was quoted at $80/mt, QP May; early June EQ B/L was offered at $50-55/mt, and EQ B/L arriving in late May was quoted at $50/mt, QP May-June. ER copper warrants for delivery within this week were quoted at $80-85/mt, with a small volume transacted at $75/mt, QP June.

May 19, 2026: The average warrant price fell $1/mt from the previous trading day, closing at $72/mt (price range $68-76/mt); the average B/L price fell $1/mt from the previous trading day, closing at $71/mt (price range $66-76/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day, closing at $41/mt (price range $38-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June. Intraday pullback in the SHFE/LME price ratio limited demand, with market offers declining and transactions remaining sluggish. A small volume of ER copper B/L arriving in early May was heard 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. ER copper warrants for delivery within this week were quoted at $80-85/mt, with no transactions heard so far, QP June.

May 15, 2026: The average warrant price remained flat compared to the previous trading day, closing at $72/mt (price range $68-76/mt); the average B/L price remained flat compared to the previous trading day, closing at $71/mt (price range $67-75/mt); the average EQ copper (CIF B/L) price fell $3/mt compared to the previous trading day, closing at $40/mt (price range $36-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June. Intraday market transactions were scattered, with a small volume of registered copper offers remaining at high levels. Demand for EQ B/L was limited, and overall trading volume was thin. It was heard that a small volume of ER copper B/L arriving in early May was offered at $80/mt, QP May; early June EQ B/L was offered at $55/mt; EQ B/L arriving in mid-May was offered at $50/mt, QP May-June. Within this week, deliverable standard ER copper warrants were offered at $80-85/mt with no transactions heard so far, QP June.

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.

May 12, 2026: The average warrant price rose by $1/mt from the previous trading day, closing at $70/mt (price range: $66-74/mt). The average B/L price rose by $1/mt from the previous trading day, closing at $67/mt (price range: $65-71/mt). The average EQ copper (CIF B/L) price rose by $2/mt from the previous trading day, closing at $38/mt (price range: $36-44/mt), with quotes referencing cargoes arriving in mid-to-late May. Copper prices surged significantly during the day. Market activity was limited, but a small volume of transactions was still concluded. Sellers' offers remained firm, with limited availability of low-priced warrant and B/L cargoes. It was heard that a small volume of ER copper B/L arriving in early May was offered at $80/mt, QP May; EQ B/L arriving in early June was offered at $55/mt; EQ B/L arriving in mid-May was offered 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.