Both inquiries and offers were sluggish during the morning session, with limited transactions guiding premiums further downward. [SMM Yangshan Spot Copper]

        October 29, 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; ER copper (CIF B/L) was -$18/mt to -$4/mt, QP November, with the average price down $4/mt from the previous trading day. Quotations referred to cargoes arriving in late October and early November.

     The market remained sluggish throughout the day, as the SMM Copper Industry Annual Conference was held in Yuncheng. Trading was quiet in the morning session. Some warrants were heard closed at $30-45, QP November; pyrometallurgy B/Ls for late November were closed at $55-70/mt, QP November; offers for two-brand B/Ls were scarce, while ER B/Ls for late October to early November were offered at -$10-0, with a small amount traded at -$20~(-4), QP November.