News on November 24, 2025: Today, warrant prices were $28-40/mt, QP December, with the average price flat from the previous trading day; B/L prices were $42-54/mt, QP December, with the average price flat from the previous trading day; EQ copper (CIF B/L) was $0-10/mt, QP December, with the average price down $1/mt from the previous trading day. Quotations referred to cargoes arriving in mid-to-late November and early December.
A major industry conference was held in Shanghai this week, resulting in fewer offers in the spot market. Some warrants were heard offered at $30-40, QP December; a small volume traded at $28-33/mt, QP December. Pyrometallurgy B/Ls for late November were offered at $50-65/mt, QP December; a small volume of arrived B/Ls was heard traded at $40-55/mt; EQ B/Ls for late November and early December were offered at $5-13. In the morning session, EQ for December arrival was heard traded at $5-10, QP December.
