November Long-Term Contract Deliveries Decreased, Market Premiums Showed a Recovery Trend [SMM Yangshan Spot Copper]

         October 22, 2025: Today, warrant prices were $30-40/mt, QP November, with the average price down $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 flat from the previous trading day. Quotations referred to cargoes arriving in late October.

        During the day, it was heard that a smelter sent a letter to customers soliciting opinions on the cancellation of long-term contracts starting from November, while some traders in the bonded zone were seeking warrant supplies. Some warrants were heard closed at $30-40, QP November; pyrometallurgy B/L for late November was heard closed at $55-60/mt, QP November; ER B/L offers for late September to late October were heard closed at $4-16 with limited transactions.