The spot market was sluggish during the day, and it was difficult to find transactions in foreign trade. [SMM Yangshan Spot Copper]

        September 29, 2025: Today, warrant prices were $48-58/mt, QP October, with the average price flat from the previous trading day; B/L prices were $48-66/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 flat from the previous trading day. Offers referred to cargoes arriving in early to mid-October.

        The SHFE/LME price ratio was sluggish before the holiday, with weak market transactions. Some foreign trade enterprises started their holidays early, resulting in relatively sluggish trading. ER copper warrants were heard closed at $48-55, QP October; no offers were heard for two-brand B/Ls arriving in late September; EQ B/L offers for late September to late October were heard at $25-30, QP October-November.