Entering the pre-holiday pace, trading is sluggish with ample market offers but weak demand [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) was $14-26/mt, QP March, with the average price up $2/mt from the previous trading day. Quotations referred to cargoes arriving in mid-February.

       After substantial transactions last week, the spot market became sluggish this week, as traders gradually began taking holidays for the Chinese New Year. Warrants were heard closed at $40-50, with QP covering February to March; transactions were concentrated around $30-40/mt. For cargoes with delivery in late February, transactions were heard at $35-40/mt, QP March. A small amount of pyrometallurgy B/L for late February arrival was offered at $50-60/mt, QP March; ER B/L for late February arrival was offered at $15-25, while ER B/L for early to mid-February arrival was offered at $10-20/mt, with transactions heard at $25, QP March.