Intraday warrant inquiries were active, and the price spread between spot and B/L narrowed significantly [SMM Yangshan spot copper]

      On August 27, 2025: Warrant prices were $47-59/mt, QP August, with the average price unchanged from the previous trading day; B/L prices were $54-68/mt, QP September, also with the average price unchanged. EQ copper (CIF B/L) was at $24-34/mt, QP September, with the average price unchanged, referencing cargoes arriving in late August and mid to early September.

        During the day, there were more B/L offers from sellers, while buyers' inquiries focused on warrants, resulting in limited transactions. It was heard that ER copper warrants closed at $55-70, and SX-EW warrants at $45-60, QP September, with ER deals concluded at $48-60 and SX-EW mostly around $45-48, QP September. For Japan and South Korea B/Ls arriving in mid to late August, prices were heard at $60-68, QP September, with a small volume of actual trades at $55. For three batches of ER B/Ls arriving in early September, prices were offered at $65-75, QP September-October. EQ B/L offers for early September were at $30-35, with actual trades at $30, QP September-October. Overall, short-term arbitrage activities increased, and the inversion between warrant and B/L prices significantly weakened.