Weekend imports increased significantly with many B/Ls near the port sold at low prices [SMM Yangshan spot copper]

        August 18, 2025: Warrant prices were $42-54/mt, QP August, with the average price unchanged from the previous trading day; B/L prices were $46-60/mt, QP September, with the average price down by $2/mt from the previous trading day. EQ copper (CIF B/L) was at $20-30/mt, QP September, with the average price unchanged from the previous trading day. The quotations referred to shipments arriving in late August and early to mid-September.

        Over the weekend, domestic social inventory increased slightly, with imports providing additional supply. After the import window opened, there were more transactions in the market, with many selling off mid-to-late August arrivals and seeking early to mid-September arrivals. During the day, it was heard that ER copper warrants were closed at $45-50, with actual transactions at $45, QP September; Japan and South Korea B/Ls for mid-to-late August arrivals were heard to be offered at $55-60, with counter-offers at $45-55, QP September; three batches of ER copper B/Ls for early September arrivals were offered at $65-70, QP September-October. EQ B/Ls for mid-to-late August arrivals were offered at $25-30, with some transactions at $25. Overall, there was active inquiry and quotation in the morning market but few transactions.