During the day, sellers' sentiment to offload goods was evident. The SHFE/LME price ratio widened significantly, and copper exports are expected to increase in January. [SMM Yangshan Spot Copper]

        News on December 24, 2025: Today, warrant prices were $50-60/mt, QP January, with the average price flat from the previous trading day; B/L prices were $48-60/mt, QP January, with the average price flat from the previous trading day; ER copper (CIF B/L) was $4-16/mt, QP January, with the average price down $4/mt from the previous trading day. Quotations referred to cargoes arriving in late December and early to mid-January.

        During the day, sellers of ER B/L and domestic warrants actively dumped goods, and offers were lowered compared to before. As LME copper hit a new high again, export profits widened significantly. Exports in January were expected to see a substantial increase. It was heard that warrants closed at $55-60, QP January; transactions concentrated around $55/mt, QP December. A small amount of ER copper B/L arriving in early January was offered at $50-60/mt, QP January; offers for ER B/L arriving in late December and early January were at $20-25, and it was heard that ER $10-15 for December arrival traded in the morning session, QP January; ER B/L for late January arrival was offered at $25-30/mt with no transactions heard, QP February.