A small number of suppliers sold goods at low prices, warrant EQ offers showed a downward trend [SMM Yangshan Spot Copper].

        December 26, 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 flat from the previous trading day. Quotations referred to cargoes arriving in late December and early to mid-January.

        During the day, LME copper remained closed, and market offers mainly focused on cargoes arriving in early to mid-January. Some suppliers sold off goods at low prices, and premiums for bonded warrants and ER copper showed signs of decline. Warrant offers were heard at $55-60, QP January; transactions were concentrated around $55/mt, QP December. A small number of ER copper B/Ls for arrival in early January were offered at $50-60/mt, QP January; offers for ER copper B/Ls for arrival in late December and early January were at $5-10, and during the morning session, ER copper B/Ls for January arrival were heard traded at $0-5, QP January; ER copper B/Ls for arrival in late January were offered at $10-20/mt with no transactions heard, QP February.