On September 28, the average warrant price remained flat from the previous trading day at $117/mt (price range: $110-124/mt); the average B/L price remained flat from the previous trading day at 112 yuan/mt (price range: 104-120 yuan/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day at $52/mt (price range: $44-60/mt), with quotes referencing cargoes arriving from September to mid-to-late October.
After returning from the Mid-Autumn Festival holiday, the SHFE/LME price ratio remained significantly inverted, and with some market participants already in holiday mode, market activity was quiet.
![Pre-holiday Stockpiling Winds Down Amid Rising Arrivals; Copper Social Inventory Buildup Continues [SMM Weekly Data]](https://imgqn.smm.cn/usercenter/KtfdC20251217171713.jpeg)
![Downstream restocking interest low, suppliers had to cut prices to sell; spot premiums fell notably [SMM South China spot copper]](https://imgqn.smm.cn/usercenter/CaDcj20251217171711.jpg)
![Supply slightly loosens; downstream purchases trend mediocre [SMM North China spot copper]](https://imgqn.smm.cn/usercenter/arNnt20251217171714.jpeg)
