September 11, 2025: Today, warrant prices were $51-61/mt, QP September, with the average price down $2/mt from the previous trading day; B/L prices were $55-65/mt, QP October, with the average price down $2/mt from the previous trading day; EQ copper (CIF B/L) was $25-31/mt, QP October, with the average price down $1/mt from the previous trading day. The quotations referred to cargoes arriving in mid-to-late September.
Overnight, LME copper rose above $10,000/mt, and the SHFE/LME price ratio deteriorated rapidly in the morning session, putting spot premiums under pressure. Pyrometallurgy warrants were heard closed at $55-60, QP October; mid-September arrivals for Japan and South Korea B/L were heard quoted at $65-78, QP October, while late September arrivals for two-row B/L were quoted at $70-75, QP October; late September EQ B/L offers were heard at $40, with limited actual transactions concluded at $25-30, QP October.
