Daytime market transactions were limited, and short-term supply-demand mismatch persisted. [SMM Yangshan Spot Copper]

        November 6, 2025: Today, the warrant price was $30-40/mt, QP November, with the average price basically flat compared to the previous trading day; the B/L price was $38-50/mt, QP November, with the average price basically flat compared to the previous trading day; ER copper (CIF B/L) was -$16/mt to $4/mt, QP November, with the average price basically flat compared to the previous trading day. The quoted prices referred to cargoes arriving in mid-to-late November.

        The intraday market was basically flat compared to yesterday, with most buyers still focusing on ER B/L for late November arrival, and there were also a few inquiries for domestic warrants. In the morning 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 offered at $60-70/mt, QP November; a small volume of arrived B/L was heard traded at $20/mt; ER B/L for early November was offered at $2-10, with significant price spreads in transactions. In the morning session, ER trades for November arrival were heard ranging from -$20 to $4, with QP November and QP December both reported.