Daily Spot Transaction Summary: Abundant Market Offers Amid Weak Demand [SMM Yangshan Spot Copper]

        December 19, 2025: Today, warrant prices were $37-49/mt, QP January, with the average price down $1/mt from the previous trading day; B/L prices were $44-54/mt, QP January, with the average price down $1/mt from the previous trading day; EQ copper (CIF B/L) was $6-16/mt, QP January, with the average price down $1/mt from the previous trading day. Quotations referred to cargoes arriving in late December and early January.

        Spot demand remained weak during the day, with buyer inquiries concentrated on domestic warrants. Some warrants were heard closed at $45-60, QP December; transactions were concentrated at $40-50/mt, QP December. A small number of pyrometallurgy B/Ls for arrival in early December were heard offered at $40-60/mt, with a few transactions at $50/mt, QP January; EQ B/Ls for arrival in late December and early January were offered at $10-20, and EQ $10-15 for December arrival were heard traded in the morning session, QP January; EQ B/Ls for late January arrival were offered at $20-30/mt with no transactions heard, QP February.