Buyer demand has clearly recovered, and B/L premiums have risen significantly [SMM Yangshan spot copper].

        September 19, 2025: Today, warrant prices were $50-64/mt, QP October, with the average price up $1/mt from the previous trading day; B/L prices were $53-65/mt, QP October, with the average price up $1/mt from the previous trading day; EQ copper (CIF B/L) was $28-36/mt, QP October, with the average price up $4/mt from the previous trading day. Offers referred to cargoes arriving in late September and early October.

        Since yesterday, market transactions improved, with both trader-to-trader deals and downstream demand recovering. Inquiries mainly focused on EQ B/L for September-October arrivals and registered pyrometallurgy for October arrivals, while warrants and registered cargoes for late September arrivals saw few transactions. ER copper warrants were heard closed at $60-65, QP October; Japan and South Korea B/L for late September arrivals were heard closed at $60-64, QP October; two-brand B/L for late September arrivals were closed at $65-70, QP October, with two-brand B/L for late October arrivals traded at $60, QP November; EQ B/L offers for late September to late October arrivals were heard at $35-40, with substantial actual transactions concluded at $30-35, QP October.