The average warrant price on September 30 remained flat from the previous trading day at $119/mt (price range: $110-128/mt); the average B/L price remained flat from the previous trading day at 114 yuan/mt (price range: 104-124 yuan/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day at $53/mt (price range: $46-60/mt), with quotes referencing cargoes arriving from late September to October.
On the last trading day before the holiday, there was no clear opportunity in the SHFE/LME price ratio, suppliers held a wait-and-see stance, some market traders had already entered holiday mode, and market activity was quiet.
![Spot premiums fell sharply as downstream plants took holidays over the National Day period, reducing pre-holiday restocking volumes [SMM South China copper cathode spot weekly review]](https://imgqn.smm.cn/usercenter/aMTzL20251217171710.jpg)
![Pre-holiday Stockpiling Winds Down; Spot Copper Premiums in North China Continue to Weaken [SMM North China Copper Cathode Spot Weekly Review]](https://imgqn.smm.cn/usercenter/uoTGi20251217171713.jpg)
![Last trading day before the holiday, market trading was quiet [SMM South China spot copper]](https://imgqn.smm.cn/usercenter/arNnt20251217171714.jpeg)
