Sellers actively offer, long-term expectations optimistic, Yangshan copper premiums slightly rise [SMM Spot Copper at Yangshan]

        News on February 5, 2026: Today, warrant prices were $28-46/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 up $1/mt from the previous trading day; ER copper (CIF B/L) was $12-24/mt, QP March, with the average price up $4/mt from the previous trading day, and the quotation referred to cargoes arriving in mid-February.

   During the day, there were many offers in the market but only sporadic transactions, and the forward premium for ER B/L continued to rise. Warrant offers were heard at $40-50, with QP covering February to March; transactions were concentrated around $30-40/mt, and cargoes for delivery in late February were heard traded at $35-40/mt, QP March. A small number of pyrometallurgy B/Ls for late February arrival were offered at $50-60/mt, QP March; ER B/L offers for late February were heard at $15-25, while ER B/Ls for arrival in early to mid-February were offered at $10-20/mt, with transactions heard at $25, QP March.