The import window opened last night, and buyers actively sought for goods, with transactions recovering [SMM Shanghai spot copper]

        On August 15, 2025: Today, warrant prices ranged from $42 to $54 per mt, with QP in August, and the average price increased by $1/mt compared to the previous trading day. B/L prices ranged from $48 to $62 per mt, with QP in September, and the average price increased by $1/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $20 to $30 per mt, with QP in September, and the average price remained unchanged compared to the previous trading day. The offers were based on cargoes arriving in mid-to-late August and early September.

        Last night, the import window opened, and some suppliers in the market locked in long-short arbitrage imports. Inquiries were active during the day, and a large number of B/Ls for early September were traded, creating a price spread with B/Ls arriving in late August. Today, it was heard that pyrometallurgy warrants were offered at $50-55, with no actual transactions reported, QP in September. B/Ls arriving in mid-to-late August from Japan and South Korea were heard to be offered at $62-65, with counteroffers at $50-55, QP in September. Pyrometallurgy B/Ls arriving in early September were offered at $65-70, with actual transactions above $60, QP in September. EQ B/L offers in mid-to-late August were reported at $25-30, with some transactions at $25. Overall, the market currently maintains a positive outlook on the SHFE/LME price ratio for September, and there is no significant expected increase in September imports. It is anticipated that Yangshan copper premiums will rebound.