Intraday warrant inquiries remained active, and the price spread between warrants and B/Ls narrowed. [SMM Yangshan Spot Copper]

        December 22, 2025: Today, warrant prices were $40-56/mt, QP January, with the average price up $5/mt WoW; ER copper B/L prices were $45-57/mt, QP January, with the average price up $2/mt WoW; EQ copper (CIF B/L) was $6-16/mt, QP January, with the average price flat WoW. Quotations referred to cargoes arriving in late December and early January.

        During the day, some downstream buyers still sought domestic warrants. Seller offers rose significantly WoW, and the transaction center followed upward. Some warrants were heard offered at $45-60, QP January; deals were concentrated at $40-50/mt, QP December. A small amount of pyrometallurgy B/L for late-December arrival was offered at $45-60/mt, QP January; EQ B/L for late-December and early-January arrival was offered at $10-20. In the morning session, EQ $10-15 for December arrival was heard traded, QP January; EQ B/L for late-January arrival was offered at $20-30/mt with no deals heard, QP February.