The SHFE/LME price ratio continued to deteriorate intraday, and spot copper trading remained sluggish. [SMM Yangshan Copper Premiums]

        News on November 13, 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; ER 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 shipments arriving in mid-to-late November.

      The SHFE/LME price ratio continued to deteriorate today, and trading activity was sluggish, with few offers heard in the morning session. 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; ER B/Ls for early November were offered at $2-10, and in the morning session, ER trades for November arrivals were heard from -$5 to $5, QP December.