Warehouse B/L continues to rise against the SHFE/LME price ratio, Yangshan copper premiums keep climbing [SMM Yangshan spot copper]

        December 22, 2025: Today, warrant prices were $50-60/mt, QP January, with the average price up $7/mt from the previous trading day; B/L prices were $48-60/mt, QP January, with the average price up $3/mt from the previous trading day; EQ copper (CIF B/L) was $8-20/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, some downstream buyers actively sought domestic warrants, while premiums in Southeast Asia continued to rise, with some domestic warrants expected to be exported for arbitrage. Warrants were heard closed at $55-60, QP January; transactions concentrated around $55/mt, QP December. A small amount of pyrometallurgy B/L for early January arrival was offered at $50-60/mt, QP January; EQ B/L for late December and early January arrival was offered at $20-25, with early session transactions heard for December-arrival EQ at $10-15, QP January; EQ B/L for late January arrival was offered at $25-30/mt with no transactions heard, QP February.