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: Today's warrant prices were $30-40/mt, QP November, with the average price down by $1/mt from the previous trading day; B/L prices were $40-60/mt, QP November, with the average price flat from the previous trading day; ER copper (CIF B/L) was $4-16/mt, QP November, with the average price down by $2/mt from the previous trading day. Quotations 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 arriving in late October was heavily sold off, but trading was sluggish in the morning session, with no significant demand heard from downstream buyers. Some warrants were heard closed at $30-40, QP November; pyrometallurgy B/L for late November were heard closed at $55-60/mt, QP November, both available; ER copper B/L offers for late September to late October were heard at $4-20, but no transactions were reported.