LME Structure Inversion Persists, Traders' Purchase Willingness for Spot Copper Increases [SMM Yangshan Spot Copper]

        News on January 23, 2026: Today, warrant prices were $15-29/mt, QP February, with the average price flat compared to the previous trading day; B/L prices were $17-27/mt, QP February, with the average price flat compared to the previous trading day; EQ copper (CIF B/L) was -$16/mt to -$6/mt, QP February, with the average price flat compared to the previous trading day. Quotations referred to cargoes arriving in mid-to-late January and early February.

     Intraday spot trading volume continued to increase compared to yesterday. After the Contango structure widened, traders' holding costs decreased, leading to increased willingness to purchase and import. Warrant prices were heard at $10-25, QP January; trading concentrated around $17/mt, with a small amount of cargoes for early February delivery heard traded at $20/mt, all QP February. A small amount of pyrometallurgy B/L for late January arrival was heard offered at $10-30/mt, QP February; EQ B/L for early February was offered at $10, while EQ B/L for mid-early February arrival was offered at -$20 to $10/mt, with trades heard at -$15, QP February.