Intraday warrant demand was high, with inter-month arbitrage becoming the dominant logic [SMM Yangshan Copper Spot]

        News on February 25, 2026: Today, warrant prices were $45-57/mt, QP March, with the average price down $2/mt from the previous trading day; B/L prices were $42-54/mt, QP March, with the average price down $1/mt from the previous trading day; ER copper (CIF B/L) was $15-23/mt, QP March, with the average price down $1/mt from the previous trading day. Quotations referred to cargoes arriving in late February and early March.

     Due to some traders having short demand for long-term contracts, QP March warrant transactions were active. As the LME contango structure remained steep, there were some arbitrage-driven trades. It was heard that a small amount of pyrometallurgy B/L for late February arrival closed at $55-60/mt, QP March; ER B/L offers for late February and early March closed at $25-30/mt, while ER B/L for mid-to-late March arrival was offered at $30/mt, QP April. Warrant prices rose sharply, with pyrometallurgy and two-brand B/L offered at $60-65/mt, QP March-April.