Demand for B/L was sluggish in the morning session, while warrant demand continued to heat up [SMM Shanghai spot copper]

      August 29, 2025: Warrant prices today closed at $49-61/mt, QP August, with the average price flat from the previous trading day. B/L prices closed at $52-66/mt, QP September, average price unchanged. EQ copper (CIF B/L) closed at $22-34/mt, QP September, average price flat, with quotations referencing late August and early-mid September arrival cargoes.

        The intraday market mirrored yesterday's activity, as buyers remained active in seeking warrants, with the BC copper-LME arbitrage window still open. Additionally, the dual premium of SHFE copper prices attracted some traders to import. ER copper warrants were heard traded at $55-70, SX-EW warrants at $45-60, QP September, with ER deals mainly done at $48-60 and SX-EW mostly around $45-48, QP September. Japan and South Korea B/Ls for mid-late August arrival were heard offered at $60-68, QP September, with limited actual deals done at $55. Early September arrival third-party ER B/Ls were offered at $65-75, QP September-October. Early September EQ B/L offers were heard at $30-35, with actual deals done at $30, QP September-October. Overall, B/L demand remained weak, while warrant premiums showed a sustained upward trend.