Copper Prices Hit New Highs, Offer Center Shifts Downward, Trader Selling Sentiment Increases [SMM Yangshan Spot Copper]

        January 6, 2026: Today, warrant prices were $34-44/mt, QP January, with the average price down by $4/mt from the previous trading day; B/L prices were $38-50/mt, QP February, with the average price down by $2/mt from the previous trading day; ER copper (CIF B/L) was -$4/mt to $12/mt, QP February, with the average price down by $2/mt from the previous trading day. Quotations referred to cargoes arriving in early to mid-January.

        Intraday market trading remained sluggish. After LME copper hit a new high again, the funding cost for US dollar-denominated copper continued to increase, putting excessive margin pressure on some enterprises, and a small amount of spot cargo was sold off in the morning session. It was heard that warrants closed at $30-40, QP January; transactions were concentrated around $20-25/mt, QP January. A small amount of pyrometallurgy B/L for arrival in early January was offered at $40-50/mt, QP January; ER B/L for early January was offered at $0, and it was heard that ER cargoes at -$10 to $0 for January arrival traded during the morning session, QP January; ER B/L for late January arrival was offered at $10-20/mt, and it was heard that a transaction occurred at $15, QP February.