High Copper Prices and Weak Supply and Demand, with Scattered Intraday Transactions [SMM Yangshan Spot Copper]

       September 10, 2025: Today, warrant prices were $55-63/mt, QP September, with the average price up $1/mt from the previous trading day; B/L prices were $57-65/mt, QP October, with the average price up $1/mt from the previous trading day. EQ copper (CIF B/L) was $27-33/mt, QP October, with the average price down $1/mt from the previous trading day. Quotations referred to shipments arriving in mid-to-late September.

        The market remained sluggish throughout the day, with the EQ copper price spread narrowing compared to yesterday. Few downstream buyers were willing to purchase at high prices, and B/L transactions for EQ copper were concentrated around $30, with arrivals mostly scheduled for early October. Pyrometallurgy warrants were heard closed at $55-60, QP October; Japanese and South Korean B/Ls for mid-September arrival were heard quoted at $65-78, QP October; two-row B/Ls for late September arrival were quoted at $75-80, QP October; EQ B/L offers for late September were heard at $40, with limited actual transactions concluded at $25-35, QP October. Overall, buying and selling remained weak.