CME-registered B/L inquiries are active, with significant differences between buyers and sellers [SMM Yangshan Spot Copper]

        November 11, 2025: Today, warrant prices were $28-40/mt, QP November, with the average price flat from the previous trading day; B/L prices were $40-52/mt, QP November, with the average price up $3/mt. ER copper (CIF B/L) was -$10/mt to $4/mt, QP November, with the average price up $2/mt, and the quotations referenced cargoes arriving in mid-to-late November.

        Since yesterday afternoon, the CME-LME price spread widened, with the far-month spread breaking through $600/mt. In the morning session, some traders actively sought CME-registered brand B/Ls for November arrival, with sellers' offers once reaching as high as $200/mt. It was heard that some buyers in the market countered at $140/mt, QP December. In the morning session, some warrants were heard closed at $30-35, QP November; a small volume traded at $30-40/mt, QP November. Pyrometallurgy B/Ls for late November were heard offered at $50-60/mt, QP December; a small volume of arrived B/Ls was heard traded at $30/mt. ER B/Ls for early November were heard offered at $2-10; in the morning session, ER trades for November arrival were heard from -$10 to $4, QP December.