Inquiries were concentrated on B/Ls for the first half of September, and the center of USD copper transactions remained stable [SMM Yangshan spot copper]

        On August 14, 2025: Today's warrant prices ranged from $40 to $54/mt, with QP in August, and the average price remained unchanged from the previous trading day. B/L prices ranged from $48 to $60/mt, with QP in September, and the average price remained unchanged from the previous trading day. EQ copper (CIF B/L) prices ranged from $20 to $30/mt, with QP in September, and the average price fell by $1/mt from the previous trading day. The offers were based on cargo arrivals in mid-to-late August and early September.

        During the day, inquiries among traders mainly focused on cargo arrivals in early September. The premiums for August-registered copper and EQ copper remained stable, and no low-price counteroffers were heard to have been concluded. During the day, it was heard that ER copper warrants were offered at $50-55, with no firm transactions reported, and QP in September. B/Ls for three rows of cargo arriving in mid-to-late August and early September were heard to be offered at $55-60, with firm transactions concluded at $50-60, and QP in September. EQ copper arriving in late August and early September was heard to be offered at $20-28, with firm transactions concluded above $20, and QP in September. Overall, the market is optimistic about the SHFE/LME price ratio in September due to strong domestic consumption, and there is a trend for the import window to open in the future.