Sellers actively offer, long-term expectations optimistic, Yangshan copper premiums slightly rise [SMM Spot Copper at Yangshan]

Published: Feb 5, 2026 14:07

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News on February 5, 2026: Today, warrant prices were $28-46/mt, QP February, with the average price up $1/mt from the previous trading day; B/L prices were $36-52/mt, QP March, with the average price up $1/mt from the previous trading day; ER copper (CIF B/L) was $12-24/mt, QP March, with the average price up $4/mt from the previous trading day, and the quotation referred to cargoes arriving in mid-February.

During the day, there were many offers in the market but only sporadic transactions, and the forward premium for ER B/L continued to rise. Warrant offers were heard at $40-50, with QP covering February to March; transactions were concentrated around $30-40/mt, and cargoes for delivery in late February were heard traded at $35-40/mt, QP March. A small number of pyrometallurgy B/Ls for late February arrival were offered at $50-60/mt, QP March; ER B/L offers for late February were heard at $15-25, while ER B/Ls for arrival in early to mid-February were offered at $10-20/mt, with transactions heard at $25, QP March.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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