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

Published: Sep 19, 2025 11:59

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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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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