Copper prices remained high, with weak buying and selling arbitrage activities, and Yangshan copper premiums held steady [SMM Yangshan Spot Copper].

       September 9, 2025: Today, warrant prices were $53-63/mt, QP September, with the average price basically flat from the previous trading day; B/L prices were $55-67/mt, QP October, with the average price basically flat from the previous trading day; EQ copper (CIF B/L) was $27-35/mt, QP October, with the average price basically flat from the previous trading day. Quotations referred to cargoes arriving in mid-to-late September.

        During the day, it was difficult to find low-priced offers in the market, and a small number of transactions were basically flat compared to the previous market. Pyrometallurgy warrants were heard offered at $55-60, QP October; mid-September arrivals of Japan and South Korea B/L were heard offered at $65-78, QP October; late September arrivals of two-row B/L were offered at $75-80, QP October; late September EQ B/L offers were heard at $40, with a small number of actual transactions concluded at $25-35, QP October. Overall, the market maintained a wait-and-see stance due to high copper prices, with reduced arbitrage activities between buyers and sellers.