Offers for warehouse B/L and spot cargo both increased, with sporadic transactions reported during the day [SMM Shanghai spot copper]

       September 3, 2025: Warrant prices today ranged from $49 to $63/mt, QP September, with the average price up $1/mt from the previous trading day. B/L prices were quoted at $52-64/mt, QP October, with the average price flat compared to the previous session. EQ copper (CIF B/L) was offered at $25-35/mt, QP October, up $1/mt on average from the prior session, with reference prices for cargoes arriving in mid-to-late September.

        Although buyers and sellers showed price divergence during the day, sporadic B/L transactions were still concluded. Pyrometallurgy warrants were heard traded at $55-65/mt, QP September-October. Japan and South Korea B/Ls for mid-September arrival were heard offered at $55-60/mt, QP September, while late-September two-row B/Ls were quoted at $70-75/mt, QP October, with limited actual deals done at $60-65/mt, QP October. Late-September EQ B/L offers stood at $40-45/mt, with actual transactions concluded at $30-40/mt, QP October. Overall, EQ copper offers rose significantly, but buyer counteroffers remained firm.