The situation at Tanzanian ports has eased, and spot copper offers have increased significantly during the day. [SMM Yangshan Spot Copper]

        November 4, 2025: Today, the warrant price was $30-40/mt, QP November, with the average price flat from the previous trading day; the B/L price was $40-62/mt, QP November, with the average price flat from the previous trading day; EQ copper (CIF B/L) was -$20/mt to -$6/mt, QP November, with the average price flat from the previous trading day. The quotations referred to cargoes arriving in the first half of November.

        Last night, the geopolitical situation in Tanzania eased, and the port was expected to resume operations today. Intraday market offers increased significantly compared to the previous day, but overall trading performance was weak. In the morning session, some warrants were heard closed at $30-45, QP November; a small volume traded at $30-40/mt, QP November. Pyrometallurgy B/L for late November was closed at $60-70/mt, QP November; EQ B/L for early November was offered at -$20-6/mt, with a small volume traded.