In late November, B/L shortages were reported, with a small amount of transactions heard in the morning session [SMM Shanghai spot copper].

        November 17, 2025: Today, warrant prices were at $26-38/mt, QP December, with the average price down by $2/mt from the previous trading day; B/L prices were at $41-53/mt, QP November, with the average price up by $1/mt from the previous trading day; EQ copper (CIF B/L) was at -$6/mt to $4/mt, QP November, with the average price up by $1/mt from the previous trading day. Quotations referred to cargoes arriving in mid-to-late November.

      The SHFE/LME price ratio continued to deteriorate today, but with tight B/L availability for late-November arrivals, a small number of traders still sought cargoes for delivery. A small volume of transactions occurred for both warrants and B/Ls during the morning session. Some warrants were heard offered at $30-40, QP November; a small volume traded at $28-33/mt, QP December. Pyrometallurgy B/Ls for late November were offered at $50-65/mt, QP December; a small volume of arrived B/Ls was heard traded at $40-55/mt. EQ B/Ls for late November and early December were offered at $2-8, and during the morning session, EQ cargoes arriving in December were heard traded at $0-5, QP December.