Supply-demand weakness leads to sluggish spot cargo trading, but forward month B/L offers rise [SMM Yangshan spot copper]

        December 17, 2025: Today, warrant prices are at $38-50/mt, QP December, with the average price up by $2/mt compared to the previous trading day; B/L prices are at $45-55/mt, QP January, with the average price up by $2/mt compared to the previous trading day. EQ copper (CIF B/L) is at $8-16/mt, QP January, with the average price flat compared to the previous trading day. Quotations refer to cargoes arriving in late December and early January.

    Spot market trading sentiment remained similar to yesterday, with overall weak transactions. As domestic smelters released some offers for 2026 long-term contracts, sellers showed low willingness to sell spot cargo, and the premium centers for both warrant and B/L prices rose. Some warrant offers were heard at $45-60, QP December; transactions concentrated at $40-50/mt, QP December. A small volume of pyrometallurgy B/L offers for early December arrival were heard at $40-60/mt, with limited transactions at $50/mt, QP January; EQ B/L offers for late December and early January arrival were quoted at $10-20, and early session heard transactions for December arrival EQ at $10-15, QP January; EQ B/L offers for late January arrival were quoted at $20-30/mt with no transactions heard, QP February.