Import Window Rarely Wide Open Spot Trading Recovers [SMM Yangshan Spot Copper]

        On January 29, 2026: Today, warrant prices were $16-30/mt, QP February, with the average price up $3/mt from the previous trading day; B/L prices were $18-28/mt, QP February, with the average price up $3/mt from the previous trading day; EQ copper (CIF B/L) was -$10/mt to $0/mt, QP February, with the average price up $7/mt from the previous trading day. Price references were for cargoes arriving in early to mid-February.

     During the day, due to futures fluctuations, the import window widened significantly, downstream buying interest noticeably recovered, and traders also turned to holding goods to hold prices firm. Spot premiums are expected to continue rising today and tomorrow. Warrant was heard closed at $10-20, QP January; transactions were concentrated around $15/mt, with a small volume of early February delivery cargo heard traded at $20/mt, QP February. A small volume of pyrometallurgy B/L for late January arrival was heard closed at $10-25/mt, QP February; offers for early February EQ B/L were heard at -$10/mt, with EQ B/L for mid-early February arrival heard at -$20/mt to $0/mt, and transactions heard at -$15/mt, QP February.