Buyer demand remains weak, market transactions are sluggish, and Yangshan copper premiums continue to decline [SMM Spot Copper at Yangshan]

        October 27, 2025: Today, warrant prices were $30-40/mt, QP November, with the average price down $3/mt from the previous trading day; B/L prices were $42-64/mt, QP November, with the average price flat from the previous trading day; EQ copper (CIF B/L) was -$12/mt to $2/mt, QP November, with the average price down $5/mt from the previous trading day. Quotations referenced cargoes arriving in late October and early November.

        Intraday market trading remained sluggish, with offers mainly heard from sellers. Prices for late October arrivals were noticeably driven down, while most participants adopted a wait-and-see approach towards November arrival B/Ls. Overall, market transactions were bleak. Some warrants were heard closed at $30-45, QP November; pyrometallurgy B/Ls for late November arrival were heard closed at $55-70/mt, QP November; two-brand B/Ls were heard closed at $120-150, QP November; offers for EQ B/Ls for late October to early November arrival were heard at -$10-0, with a small volume traded at -$12-0, QP November.