The intraday SHFE/LME price ratio declined significantly, and the market price center pulled back. [SMM Yangshan Spot Copper]

        February 3, 2026: Today, warrant prices were $26-46/mt, QP February, with the average price down $3/mt from the previous trading day; B/L prices were $34-52/mt, QP March, with the average price down $2/mt from the previous trading day; ER copper (CIF B/L) was $8-20/mt, QP March, with the average price flat from the previous trading day, and the quotations referred to cargoes arriving in mid-February.

   Intraday market sentiment was more restrained than yesterday, and after the SHFE/LME price ratio pulled back, the trading center of market offers and transactions declined slightly. Warrants were heard closed at $40-50, QP February; transactions were concentrated around $30-40/mt, and for cargoes with delivery in early February, transactions were heard at -$6/mt, QP February. A small amount of pyrometallurgy B/L for arrival in late February was offered at $50-60/mt, QP March; ER B/L for early February was offered at $15-25, and ER B/L for arrival in early to mid-February was offered at $10-20/mt, with transactions heard at $15-20, QP February-March.