Overnight LME copper surged, SHFE/LME price ratio collapsed, Yangshan copper premiums overall declined [SMM Shanghai spot copper]

        September 25, 2025: Warrant prices today were $48-58/mt, QP October, with the average price down $4/mt from the previous trading day; B/L prices were $46-70/mt, QP October, with the average price down $1/mt from the previous trading day; EQ copper (CIF B/L) was $28-36/mt, QP October, with the average price down $2/mt from the previous trading day. The quotations referred to cargoes arriving in late September and early October.

        Due to the overnight surge in LME copper, the SHFE/LME price ratio collapsed during the day. Although the export window opened, most smelters had yet to finalize export plans, and inquiries were mainly from traders. Meanwhile, the LME-COMEX far-month price spread widened, with some traders actively seeking two-brand B/Ls for October arrival. ER copper warrants were heard quoted at $48-60, QP October; two-brand B/Ls for late September arrival were quoted at $74-80, QP October, with some deals done at $75-78, QP October; EQ B/L offers for late September to late October were quoted at $35-40, with a small volume of firm bids done at $35, QP October.