Both bids and offers were scarce during the day, with weak supply and demand leading to a slight decline in the Yangshan copper premium. [SMM Spot Copper]

        January 28, 2026: Today, warrant prices were $13-27/mt, QP February, with the average price down $2/mt from the previous trading day; B/L prices were $15-25/mt, QP February, with the average price down $2/mt from the previous trading day; ER copper (CIF B/L) was -$18/mt to -$6/mt, QP February, with the average price down $1/mt from the previous trading day. Quotations referred to cargoes arriving in early to mid-February.

     During the day, the LME contango structure continued to widen. Suppliers were reluctant to offer, but downstream demand was also absent. Amid weak supply and demand, premiums for a small amount of physical cargo declined. Warrant offers were heard at $10-20, QP January; transactions were concentrated around $15/mt, with a small amount of cargo for delivery in early February heard traded at $20/mt, QP February. A small amount of pyrometallurgy B/L for arrival in late January was offered at $10-25/mt, QP February; EQ B/L for early February was offered at -$10, while EQ B/L for arrival in early to mid-February was offered at -$20 to $0/mt, with transactions heard at -$15, QP February.