Buyer purchase sentiment weakened, SHFE/LME price ratio declined as short-term demand became saturated [SMM Yangshan spot copper]

        August 22, 2025: Warrant prices were $45-57/mt, QP August, with the average price unchanged from the previous trading day; B/L prices were $50-68/mt, QP September, also unchanged on average. EQ copper (CIF B/L) was priced at $24-34/mt, QP September, with the average price remaining stable, referencing shipments arriving in late August and mid to early September.

        During the day, buyer sentiment slowed down, but there were still many market offers. It was heard that ER copper warrants closed at $55-70, and SX-EW warrants at $45-60, QP September, with ER transactions mostly at $50-55, and SX-EW mainly around $50, QP September. B/Ls for Japan and South Korea, arriving in mid to late August, were reported at $60-68, QP September. For early September arrivals, three batches of ER copper B/Ls were quoted at $65-75, QP September-October, and EQ B/Ls for early September were offered at $30-35, QP September-October. Overall, the market is optimistic about the premium for September, and suppliers are largely entering a wait-and-see phase.