During the day, buyers' purchase willingness significantly increased, market transactions recovered, and premiums rose [SMM Yangshan Spot Copper].

        November 19, 2025: Today, warrant prices were $27-39/mt, QP December, with the average price up $1/mt from the previous trading day; B/L prices were $42-54/mt, QP December, with the average price up $1/mt from the previous trading day; ER copper (CIF B/L) was $0-10/mt, QP December, with the average price up $6/mt from the previous trading day. Quotations referred to cargoes arriving in mid-to-late November and early December.

      Since yesterday afternoon, market transactions became noticeably active, with buyers focusing on ER B/L for late November arrival. Sellers raised their offers accordingly. 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 arrival 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 arrival was offered at $5-13, with early session trades heard for December-arrival ER at $5-10, QP December.