Downstream purchase willingness remained weak, and the market is expected to correct. Daily transactions cooled down. [SMM Yangshan spot copper]

       September 5, 2025: Warrant prices today ranged from $51 to $63/mt, QP September, with the average price flat from the previous trading day. B/L prices were quoted at $53 to $67/mt, QP October, also unchanged on average. EQ copper (CIF B/L) traded at $27 to $35/mt, QP October, with the average price steady, referencing cargoes arriving in mid-to-late September.

        Intraday market transactions cooled further compared to yesterday, as weak purchasing sentiment from downstream buyers led most traders to adopt a wait-and-see stance. Pyrometallurgy ER copper warrants were heard at $55-65, QP September-October; mid-September arrivals of Japan and South Korea B/L were reportedly offered at $65-75, QP September, while late-September arrivals of two-row B/L were quoted at $70-75, QP October. A few deals were concluded at $60, QP October. Late-September EQ B/L offers stood at $40-45, but no actual transactions were heard, QP October. Overall, sellers maintained sporadic high offers, but trading activity weakened noticeably compared to the beginning of the week.