A small number of sellers maintained firm offers, while buyer purchases were weak with poor transactions [SMM Yangshan spot copper]

       September 8, 2025: Warrant prices today ranged from $53 to $63/mt, QP September, with the average price up $1/mt from the previous trading day. B/L prices were $55-67/mt, QP October, averaging $1/mt higher than the previous session. EQ copper (CIF B/L) was quoted at $27-35/mt, QP October, unchanged on average from the prior day, with price references based on mid-to-late September arrival cargoes.

        Market offers were scarce during the day with few heard deals concluded, as buyers and sellers showed significant divergence. Pyrometallurgy ER copper warrants were heard offered at $55-60, QP October; mid-September arrival Japan and South Korea B/Ls were reportedly offered at $65-78, QP October, while late-September arrival two-row B/Ls were quoted at $75-80, QP October. Late-September EQ B/L offers stood at $40, with limited actual transactions concluded at $25-35, QP October. Overall, sellers maintained elevated offer levels, but buyers had largely completed September inventory builds, resulting in minimal spot order activity.