The SHFE/LME price ratio remained lukewarm with inactive buying and selling, and it was difficult to inquire about offers in the intraday market. [SMM Yangshan Spot Copper]

       September 15, 2025: Today, warrant prices were $50-60/mt, QP October, with the average price down $1/mt from the previous trading day; B/L prices were $52-64/mt, QP October, with the average price down $1/mt from the previous trading day; EQ copper (CIF B/L) was $22-30/mt, QP October, with the average price down $1/mt from the previous trading day. Quotations referred to cargoes arriving in late September and early October.

       Market offers from traders remained inactive today, as traders generally had high purchase costs and short-term transactions remained firm, leading to disagreements between buyers and sellers. Buyer counteroffers were generally difficult to conclude. Pyrometallurgy warrants were heard closed at $55-60, QP October; B/Ls for cargoes arriving in mid-September in Japan and South Korea were heard offered at $60-68, QP October; B/Ls for cargoes arriving in late September were offered at $65-70, QP October; EQ B/Ls for late September were offered at $40, with limited actual transactions concluded at $25-30, QP October.