EQ Copper Premiums Continue to Decline, Import Losses Hinder Transactions [SMM Yangshan Spot Copper]

        October 28, 2025: Today, warrant prices were $30-40/mt, QP November, with the average price flat 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 -$14/mt to $0/mt, QP November, with the average price down $2/mt from the previous trading day. Quotations referred to cargoes arriving in late October and early November.

      Intraday market transactions remained focused on scattered EQ, and offers for November arrival cargoes remained scarce. Overall, market trading was sluggish. Some warrants were heard closed at $30-45, QP November; pyrometallurgy B/L for late November arrival were closed at $55-70/mt, QP November; offers for two-brand B/L were hard to find, offers for EQ B/L for late October to early November arrival were at -$10 to $0, with a small amount traded at -$20 to -$4, QP November.