Market sentiment turned weaker during the day, making it difficult to secure overall transactions. [SMM Yangshan Spot Copper]

        November 12, 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 flat from the previous trading day; EQ copper (CIF B/L) was -$10/mt to $4/mt, QP November, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in mid-to-late November.

      Intraday market trading was limited, overall similar to yesterday. There were still many inquiries and offers in the morning session, but buyers and sellers had significant differences. In early trading, some warrants were heard offered at $30-35, QP November; a small volume traded at $30-40/mt, QP November. Pyrometallurgy B/Ls for late November were offered at $50-60/mt, QP December; a small volume of arrived B/Ls was heard traded at $30/mt; EQ B/Ls for early November were offered at $2-10. In early trading, EQ trades for November arrival were heard from -$5 to $5, QP December.