The SHFE/LME price ratio slightly recovered during the day, with a concentrated sell-off of B/Ls arriving at month-end. [SMM Yangshan Spot Copper]

        October 20, 2025 News: Today's warrant price was $30-40/mt, QP November, with the average price down $1/mt from the previous trading day; B/L price was $40-60/mt, QP November, with the average price unchanged from the previous trading day; ER copper (CIF B/L) was $4-16/mt, QP November, with the average price down $2/mt from the previous trading day. Offers referred to cargoes arriving in late October.

        The SHFE/LME price ratio slightly recovered during the day, and traders were active in offering. ER copper cargoes arriving in late October were heavily sold off, but trading was sluggish in the morning session, with no significant demand heard from downstream consumers. Some warrants were heard closed at $30-40, QP November; pyrometallurgy B/Ls for late November were heard closed at $55-60/mt, QP November; offers for ER copper B/Ls from late September to late October were heard at $4-20, but no transactions were reported.