Morning market transactions showed significant divergence, with the price spread for EQ B/L widening. [SMM Yangshan Spot Copper]

        News on November 5, 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 $38-50/mt, QP November, with the average price down $7/mt from the previous trading day; EQ copper (CIF B/L) was -$16/mt to $4/mt, QP November, with the average price up $7/mt from the previous trading day. Quotations referred to cargoes arriving in early to mid-November.

        The SHFE/LME price ratio recovered during the day, and market traders' inquiry activity increased significantly. The transaction center shifted upward in the morning session, but the transaction spread was wide. In the early session, some warrants were heard closed at $35-40, QP November; a small volume traded at $30-40/mt, QP November. Pyrometallurgy B/L for late November was heard offered at $60-70/mt, QP November; a small volume of arrived B/L was heard traded at $20/mt; EQ B/L for early November was heard offered at $2-10, with a noticeable price difference in transaction prices. In the early session, EQ trades for November arrival were heard from -$20 to $4, with QP November and December both involved.