Import window opens with large volumes of spot transactions Yangshan copper premiums rise [SMM Yangshan spot copper]

        On August 20, 2025: Warrant prices were $45-57/mt, QP August, with the average price up by $3/mt from the previous trading day; B/L prices were $50-68/mt, QP September, with the average price up by $6/mt from the previous trading day. EQ copper (CIF B/L) was at $24-34/mt, QP September, with the average price up by $4/mt from the previous trading day. The quotations referred to shipments arriving in late August and early to mid-September.

        Following the wide SHFE/LME price ratio window opened during the night session, some traders increased their long positions, leading to a surge in demand for import B/Ls. Early morning transactions were brisk, and Yangshan copper premiums rose as expected. During the day, it was heard that ER copper warrants closed at $50-60, and SX-EW warrants closed at $45-55, QP September, with deals concluded within these ranges. For Japan and South Korea B/Ls arriving in late August, prices were heard at $60-68, with actual transactions at $60-65, QP September. For three batches of ER copper B/Ls arriving in early September, prices were quoted at $65-75, QP September-October, with a small volume transacted at $70, QP September. For EQ B/Ls arriving in late August, offers were at $30-37, with some deals done at $30-34, QP September. Overall, the market saw active trading, with significant volumes of spot warrants and B/Ls transacted.