November 3, 2025: Today, warrant prices were $30-40/mt, QP November, with the average price down $1/mt from the previous trading day; B/L prices were $40-62/mt, QP November, with the average price down $1/mt from the previous trading day; ER copper (CIF B/L) was -$20/mt to -$6/mt, QP November, with the average price down $1/mt from the previous trading day. Quotations referred to cargoes arriving in early to mid-November.
Intraday market transactions focused on ER copper B/Ls for November arrival, and traders' willingness to hold positions increased. A few held optimistic expectations for the SHFE/LME price ratio in late November, and ER copper B/L prices stopped falling. In the morning session, some warrants were heard closed at $30-45, QP November; a small volume traded at $30-40/mt, QP November. Pyrometallurgy B/Ls for late November were offered at $60-65/mt, QP November; ER copper B/Ls for early November were offered at -$20-0, with a small volume traded.
