With few transactions in the market before the holiday, market participants gradually entered the holiday period. [SMM Yangshan Spot Copper]

        February 12, 2026: Today, warrant prices were $26-42/mt, QP February, with the average price flat from the previous trading day; B/L prices were $28-46/mt, QP March, with the average price flat from the previous trading day; EQ copper (CIF B/L) was $13-21/mt, QP March, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in mid-to-late February.

      The spot market remained sluggish during the day, with both inquiries and offers inactive. Warrant was heard closed at $35-45, with QP covering February-March; cargoes for late February delivery were heard traded at $30-35/mt, QP March. A small amount of pyrometallurgy B/L for late February arrival was offered at $35-45/mt, QP March; EQ B/L for late February arrival was offered at $15-25, while EQ B/L for mid-to-early February arrival was offered at $10-20/mt, QP March.