The morning market saw sluggish offers and few deals, with Yangshan copper premiums edging lower [SMM spot copper].

        November 7, 2025: Today, warrant prices were $28-40/mt, QP November, with the average price down $1/mt from the previous trading day; B/L prices were $38-48/mt, QP November, with the average price down $1/mt from the previous trading day; ER copper (CIF B/L) was -$14/mt to $4/mt, QP November, with the average price up $1/mt from the previous trading day. Quotations referred to cargoes arriving in mid-to-late November.

        The market was sluggish during the day, with scattered offers and few deals heard. In the morning session, some warrants were heard closed at $30-35, QP November; a small quantity traded at $30-40/mt, QP November. Pyrometallurgy B/L for late November was heard offered at $50-60/mt, QP November; a small quantity of arrived B/L was heard traded at $30/mt; ER B/L for early November was offered at $2-10. In the morning session, ER deals for November arrival were heard at -$10/mt to $4/mt, with QP November and QP December both heard.