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Drawing an analogy to the liquid phase of natural materials, we theoretically propose a microsphere suspension model to realize a metamaterial fluid with artificial electromagnetic indexes. By immersing high-ε, micrometer-sized dielectric spheres in a low-ε insulating oil, the structured fluid exhibits liquid-like properties from dispersing phase as well as the isotropic negative electromagnetic parameters caused by Mie resonances from dispersed microspheres. The work presented here will benefit the development of structured fluids toward metamaterials.