December 5, 2025: Today's warrant prices were $30-46/mt, QP December, with the average price flat from the previous trading day; B/L prices were $40-52/mt, QP January, with the average price flat from the previous trading day; EQ copper (CIF B/L) was $0-14/mt, QP January, with the average price flat from the previous trading day, and the quotations referred to cargoes arriving in early to mid-December.
Yesterday, the ratio of cancelled warrants on the LME increased significantly, and according to market sources, a large trader still had plans to continue cancellations. The backwardation structure of LME copper widened again, with market focus on potential shortages at SHFE and LME towards year-end. Some warrants were heard closed at $40-50, QP December; transactions were concentrated at $33-40/mt, QP December. Pyrometallurgy B/L for early December were offered at $60-65/mt, with a small amount traded at $55/mt, QP January; EQ B/L for early to mid-December were offered at $0-10, and it was heard that EQ $0-8 for December arrival were traded in the morning session, QP January.
