LME Declines, SHFE/LME Price Ratio Recovers, but Market Transactions Remain Sluggish [SMM Yangshan Spot Copper]

        November 18, 2025: Today's warrant prices were $26-38/mt, QP December, with the average price flat from the previous trading day; B/L prices were $41-53/mt, QP December, with the average price flat from the previous trading day; ER copper (CIF B/L) was -$6/mt to $4/mt, QP December, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in mid-to-late November and early December.

      LME copper prices continued to decline in the morning session, and the SHFE/LME price ratio recovered significantly compared to yesterday. Market demand rebounded from yesterday's level during the morning session, but overall trading remained sluggish. Some warrants were heard closed at $30-40, QP December; a small volume traded at $28-33/mt, QP December. Pyrometallurgy B/L for late November was offered at $50-65/mt, QP December; a small volume of arrived B/L was heard traded at $40-55/mt. ER B/L for late November and early December was offered at $2-8; during the morning session, ER $0-5 for December arrival was heard traded, QP December.