There were a few inquiries and offers for EQ during the day, and overall spot trading was inactive [SMM Yangshan spot copper]

        December 10, 2025: Today, warrant prices closed at $35-47/mt, QP December, with the average price up $1/mt from the previous trading day; B/L prices closed at $42-54/mt, QP January, with the average price up $2/mt from the previous trading day; ER copper (CIF B/L) closed at $2-16/mt, QP January, with the average price up $2/mt from the previous trading day. Offers referred to cargoes arriving in mid- and late-December.

       In-day market inquiries mainly focused on forward-arrival B/Ls. January-arrival B/Ls were tight and high-priced, with few spot transactions. Some warrants were heard closed at $40-50, QP December; transactions concentrated at $35-45/mt, QP December. A small quantity of Polish pyrometallurgy B/Ls for early-December arrival were offered at $40-60/mt, with a small amount traded at $50/mt, QP January; ER B/Ls for mid-early December arrival were offered at $0-10, and early session heard ER $0-8 for December arrival traded, QP January; ER B/Ls for early-January arrival were offered at $20-30/mt with no transactions heard.