Market stockpiling sentiment is relatively strong, with premiums rising against the trend in the morning session [SMM Yangshan spot copper]

        December 2, 2025: Today, warrant prices were $30-46/mt, QP December, with the average price rising by $7/mt compared to the previous trading day; B/L prices were $42-54/mt, QP December, with the average price increasing by $1/mt. ER copper (CIF B/L) was quoted at -$6/mt to $12/mt, QP December, with the average price remaining flat compared to the previous trading day. Quotations referred to cargoes arriving in the first half of December.

     Since yesterday afternoon, some traders actively sought bonded warrants and ER cargoes arriving in the first half of December. Overall market trading sentiment was high, particularly as the warrant premium rose against the SHFE/LME price ratio. Some warrants were reported at $40-50, QP December, with transactions concentrated at $33-40/mt, QP December. Pyrometallurgy B/L for early December were quoted at $60-65/mt, with a small volume traded at $55/mt, QP December; ER B/L for early December were offered at $0-10, and during the morning session, ER cargoes arriving in December were heard traded at (-$4)-$8, QP December.