Spot demand is limited with only a few offers, and market activity remains low. [SMM Yangshan Spot Copper]

        February 9, 2026: Today, warrant prices were $30-46/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 flat from the previous trading day; ER copper (CIF B/L) were $14-26/mt, QP March, with the average price up $2/mt from the previous trading day, with the quotation referring to cargoes arriving in mid-February.

       Market activity was low during the day, with almost no demand from downstream. It was heard that warrants closed at $40-50, with QP covering both February and March; cargoes for delivery in late February were heard traded at $35-40/mt, QP March. A small amount of pyrometallurgy B/L for late February arrival were offered at $50-60/mt, QP March; ER B/L for late February were offered at $15-25, while ER B/L for arrival in early to mid-February were offered at $10-20/mt, QP March.