Pre-holiday and holiday-arrived cargoes were sold at low prices, with premiums under pressure during the day. [SMM Yangshan Spot Copper]

        February 11, 2026: Today, warrant prices were $26-42/mt, QP February, with the average price down $4/mt from the previous trading day; B/L prices were $28-46/mt, QP March, with the average price down $7/mt from the previous trading day; ER copper (CIF B/L) was $13-21/mt, QP March, with the average price down $2/mt from the previous trading day, with the quotation referencing cargoes arriving in mid-to-late February.

       The SHFE/LME price ratio continued to deteriorate intraday, with sellers offering discounts to liquidate cargoes arriving before and during the holiday, and buyers also making low counteroffers. Warrant prices were heard closed at $35-45, with QP covering both February and March; cargoes with delivery in late February were heard traded at $30-35/mt, QP March. A small amount of pyrometallurgy B/L for late February arrival was heard offered at $35-45/mt, QP March; ER B/L for late February arrival was offered at $15-25, while ER B/L for mid-to-early February arrival was offered at $10-20/mt, QP March.