There were many offers during the day but transactions were weak, with significant differences in B/L before and after the holiday [SMM Yangshan spot copper]

        September 22, 2025: Today, warrant prices were at $52-64/mt, QP October, with the average price up by $1/mt from the previous trading day; B/L prices were at $53-65/mt, QP October, with the average price flat from the previous trading day; EQ copper (CIF B/L) was at $28-36/mt, QP October, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in late September and early October.

        The market was largely consistent with last Friday. Sellers were inclined to offload cargoes arriving in late September, while holding firm on prices and reluctant to sell B/Ls for arrivals in early to mid-October. Downstream buyers shared similar intentions, leading to a stalemate between buyers and sellers and a slowdown in market transactions. ER copper warrants were heard closed at $62-67, QP October; B/Ls for Japan and South Korea arrivals in late September were heard quoted at $58-63, QP October; B/Ls for two brands arriving in late September were quoted at $68-75, QP October, with some availability for November; EQ B/Ls for arrivals from late September to late October were offered at $35-45, with limited actual transactions concluded at $35-40, QP October.