The trading center dropped back slightly during the day, and market sentiment tended to balance. [SMM Yangshan Spot Copper]

        February 25, 2026: Today, warrant prices were $45-57/mt, QP March, with the average price down $2/mt from the previous trading day; B/L prices were $42-54/mt, QP March, with the average price down $1/mt from the previous trading day; ER copper (CIF B/L) was $15-23/mt, QP March, with the average price down $1/mt from the previous trading day. Quotations referred to cargoes arriving in late February and early March.

     Intraday market offers and transactions remained active, but buying and selling sentiment tended to balance, with transaction premiums pulling back slightly. A small amount of pyrometallurgy B/L for late February arrival was heard closed at $55-60/mt, QP March; ER B/L offers for late February and early March were at $25-30/mt, while ER B/L for mid-to-late March arrival was offered at $30/mt, QP April. Warrant prices rose significantly, with pyrometallurgy and two-brand B/L offered at $60-65/mt, QP March-April.