Prices Showed a Divergence Before and After the Holiday, While the Spot Market Remained Active [SMM Yangshan Spot Copper]

        January 30, 2026: Today, warrant prices were $20-34/mt, QP February, with the average price rising by $4/mt compared to the previous trading day; B/L prices were $22-34/mt, QP February, with the average price rising by $5/mt compared to the previous trading day; EQ copper (CIF B/L) was -$8/mt to $10/mt, QP February, with the average price rising by $6/mt compared to the previous trading day. Quotations referred to cargoes arriving in early to mid-February.

     Spot transactions remained active since yesterday afternoon, with a large number of traders actively seeking cargo after locking in the SHFE/LME price ratio. B/L premiums for post-Chinese New Year February arrivals rose significantly. Warrant premiums were heard at $40-50, QP February; transactions were concentrated around $30-40/mt. Cargoes for early February delivery were heard traded at -$6/mt, QP February. A small quantity of pyrometallurgy copper B/L for late February arrival was offered at $50-60/mt, QP March; EQ copper B/L for early February arrival was offered at $10-20, while EQ copper B/L for mid-early February arrival was offered at -$20 to $0/mt, with transactions heard at $10, QP February-March.