COMEX Registered Brand B/L Partially Released, Morning Session Saw Ample Offers but Sluggish Trading [SMM Yangshan Spot Copper]

        January 15, 2026: Today, warrant prices were $30-46/mt, QP January, with the average price flat from the previous trading day; B/L prices were $34-48/mt, QP February, with the average price flat from the previous trading day; ER copper (CIF B/L) was -$2/mt to $10/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, LME backwardation pulled back, and there were market reports of some COMEX-registered B/Ls being circulated. Warrant prices were heard closed at $40-50, QP January; transactions were concentrated around $30-40/mt, with a small volume of cargoes for early February delivery heard traded at $50/mt, QP January-February. A small volume of pyrometallurgy B/Ls for late January arrival were offered at $40-50/mt, QP February; ER B/Ls for early February were offered at $10-15, while ER B/Ls for late January arrival were offered at $0-5/mt, with transactions heard at $0-5, QP February.