Traders' willingness to sell pulled back, and market offers gradually stabilized [SMM Yangshan Spot Copper]

        January 26, 2026: Today, warrant prices were $15-29/mt, QP February, with the average price flat from the previous trading day; B/L prices were $17-27/mt, QP February, with the average price flat from the previous trading day; ER copper (CIF B/L) was -$16/mt to -$6/mt, QP February, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in mid-to-late January and early February.

     Since the LME nearby returned to a Contango structure, market holding willingness increased, and trader offers stabilized. Warrant offers were heard at $10-20, QP January; transactions were concentrated around $15/mt, with a small volume of early February delivery cargoes heard traded at $20/mt, QP February. A small volume of pyrometallurgy B/L for late January arrival was offered at $10-25/mt, QP February; ER B/L for early February arrival was offered at -$10, while ER B/L for mid-to-early February arrival was offered at -$20 to $0/mt, with transactions heard at -$15, QP February.