LME BACK Continues to Narrow, Spot Market Remains Sluggish [SMM Yangshan Spot Copper]

        December 5, 2025: Warrant prices closed at $34-46/mt, QP December, with the average price flat from the previous trading day; B/L prices closed at $40-52/mt, QP January, with the average price flat from the previous trading day; EQ copper (CIF B/L) closed at $0-14/mt, QP January, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in mid- and late-December.

       Market transactions were sluggish during the day, with a few sellers offering EQ but few deals concluded. January-arrival B/L cargoes were tight and prices high, with some buyers continuing to focus on long-term contract offers, while spot transactions were limited. Some warrants were heard offered at $40-50, QP December; deals concentrated at $35-45/mt, QP December. A small amount of Polish pyrometallurgy B/L for early-December arrival was offered at $40-60/mt, with a small volume traded at $50/mt, QP January; EQ B/L for mid-early December arrival was offered at $0-10, and early in the session, December-arrival EQ was heard traded at $0-8, QP January; EQ B/L for early-January arrival was offered at $20-30/mt but no deals were heard.