The spot market was sluggish during the day, with both buyers and sellers being inactive. [SMM Yangshan Spot Copper]

         October 21, 2025: Today, the warrant price was $30-40/mt, QP November, with the average price flat from the previous trading day; the B/L price was $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 flat from the previous trading day, and the quotation referred to cargoes arriving in late October.

         The intraday market was largely consistent with yesterday's, with both buyers and sellers in a wait-and-see stance. Some warrants were heard closed at $30-40, QP November; pyrometallurgy B/L for late November was closed at $55-60/mt, QP November; and ER B/L offers for late September to late October were closed at $4-16 with limited transactions.