COMEX-LME Price Spread Narrows, Supply and Demand Both Weak with Sparse Market Transactions [SMM Yangshan Spot Copper]

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

    The market was very sluggish during the day, with spot transactions weak. As the LME-COMEX price spread narrowed, a small number of sellers offered COMEX-registered brand warrants and near-arrival B/Ls, with the spread to non-COMEX brands narrowing. Buyer inquiries mainly focused on domestic warrants. 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/Ls for early December arrival were heard offered at $40-60/mt, with a small amount traded at $50/mt, QP January; EQ B/Ls for mid-early December arrival were offered at $0-10, and early session trades for December-arrival EQ at $0-8 were heard, QP January; EQ B/Ls for early January arrival were offered at $20-30/mt with no transactions heard.