The spot market remains sluggish, with both buyers and sellers inactive [SMM Yangshan spot copper]

        July 25, 2025 News: Today, warrant prices ranged from $45 to $55/mt, with a QP of August, and the average price increased by $1/mt compared to the previous trading day. B/L prices ranged from $58 to $76/mt, with a QP of August, and the average price increased by $1/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $22/mt to $36/mt, with a QP of July, and the average price remained unchanged compared to the previous trading day. Offers were based on cargoes arriving in late July and early August.

        LME copper prices declined during the day, and the SHFE/LME price ratio slightly recovered. However, import losses remained significant, and market offers were limited. It was reported that some smelters planned to export to bonded areas. Domestic warrant offers were heard at $45-55/mt, with a QP of August. EQ offers for cargoes arriving in mid-to-early August were heard at $35/mt, with a QP of September. General pyrometallurgy offers for cargoes arriving in late July were heard at $70-80/mt, with no transactions reported, and a QP of August.