Buyer Demand Continued to Surge, Suppliers Held Back Cargoes as Premiums Rose [SMM Yangshan Spot Copper]

        September 2, 2025: Warrant prices today ranged from $49 to $61/mt, QP September, with the average price flat from the previous trading day. B/L prices ranged from $52 to $64/mt, QP October, also flat on average. EQ copper (CIF B/L) was quoted at $23 to $35/mt, QP October, up $2/mt on average, with reference to cargoes arriving in mid-to-late September.

        Buyers remained active in purchasing throughout the day. Spot offers were sporadically available in the morning but quickly cleared, while offers surged significantly by the afternoon. ER copper warrants were heard at $55-65/mt, QP September-October. Japan and South Korea B/Ls for mid-September arrival were heard at $55-60/mt, QP September, while late-September two-row B/Ls were offered at $70-75/mt, QP October, with limited actual deals done at $60-65/mt, QP October. Late-September EQ B/Ls were offered at $30-38/mt, with actual deals done at $25-33/mt, QP October. Overall, buyers remained optimistic about the SHFE/LME price ratio and demand for September, actively building inventory.