The spot market saw limited offers, with sluggish performance in the morning session [SMM Yangshan Spot Copper].

        January 9, 2026: Today, warrant prices were $34-50/mt, QP January, with the average price flat from the previous trading day; B/L prices were $38-54/mt, QP February, with the average price flat from the previous trading day; ER copper (CIF B/L) was -$4/mt to $16/mt, QP February, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in mid-to-late January.

        During the day, market inquiries and offers were limited, and overall activity was sluggish compared to yesterday. Warrant offers were heard at $30-55, QP January; transactions were concentrated around $20-40/mt, with a small volume of early February delivery cargoes heard traded at $55/mt, QP January-February. A small volume of pyrometallurgy B/Ls for late January arrival were offered at $45-60/mt, QP February; ER B/Ls for early February arrival were offered at $20-30, while ER B/Ls for late January arrival were offered at $10-20/mt, with trades heard at $15, QP February.