Registered B/L offers decline, sellers are active but transactions remain low [SMM Yangshan spot copper]

        August 11, 2025 News: Today's warrant prices range from $40 to $50/mt, with QP in August. The average price fell by $1/mt compared to the previous trading day. B/L prices range from $48 to $62/mt, with QP in September. The average price fell by $2/mt compared to the previous trading day. EQ copper (CIF B/L) prices range from $20/mt to $32/mt, with QP in September. The average price rose by $2/mt compared to the previous trading day. The offers are based on cargoes arriving in mid-to-late August.

        During the day, the registered B/L offers in the market continued to decline compared to last Friday. However, the buyer's buying sentiment was weak, and overall transactions remained poor. It was heard that pyrometallurgy warrants were closed at $40-50, with QP in September. B/Ls arriving in Japan and South Korea in mid-to-late August and early September were heard to be offered at $60-65, with no firm transactions reported and QP in September. EQ arriving in late August and early September was heard to be offered at $25-30, with a small amount of transactions reported at $25 and QP in September. Overall, EQ B/Ls remained firm, while the premium for registered B/Ls declined. After the LME Contango structure continued to widen, the market's inventory-holding pressure decreased, and sales were made.