The SHFE/LME price ratio deteriorated, demand remained weak, and EQ B/L transactions fell significantly [SMM Yangshan Copper Premiums]

        October 24, 2025: Today, warrant prices were $33 to $43/mt, QP November, with the average price down $1/mt from the previous trading day; B/L prices were $42 to $64/mt, QP November, with the average price flat from the previous trading day; EQ copper (CIF B/L) was -$8/mt to $8/mt, QP November, with the average price down $9/mt from the previous trading day. Quotations referenced cargoes arriving in late October and early November.

        With November long-term contract nominations imminent, there was substantial low-end EQ trading during the day. Warrant and B/L prices remained relatively firm, but downstream buying interest was still weak due to the poor SHFE/LME price ratio. Some warrants were heard closed at $30-46, QP November; late November pyrometallurgy B/Ls were closed at $55-60/mt, QP November; two-brand B/Ls were closed at $120-150, QP November; offers for late October to early November EQ B/Ls were at $0-10, with transactions concentrated at -$10-10, QP November.