EQ B/L Prices Continue to Rise, Downstream Purchase Willingness Weak [SMM Yangshan Spot Copper]

        December 15, 2025: Today, warrant prices were $36-48/mt, QP December, with the average price up $1/mt from the previous trading day; B/L prices were $43-53/mt, QP January, with the average price up $1/mt from the previous trading day; ER copper (CIF B/L) was $8-16/mt, QP January, with the average price up $3/mt from the previous trading day. Quotations referred to cargoes arriving in late December and early January.

       During the day, the ER B/L market was tight with high prices; sellers' counteroffers were firm, but buyers' purchase willingness was weak. Some warrants were heard closed at $40-50, QP December; transactions concentrated at $35-45/mt, QP December. A small amount of Polish pyrometallurgy B/L for arrival in early December was offered at $40-60/mt, with a small amount traded at $50/mt, QP January; ER B/L for mid-early December arrival was offered at $0-10, and early session heard ER $0-8 for December arrival traded, QP January; ER B/L for early January arrival was offered at $20-30/mt with no transactions heard.