During last night's night session, the SHFE/LME price ratio surged once again, and in the morning market, active demand drove premiums to continue rising. [SMM Yangshan spot copper]

On June 25, the average warrant price rose by $2/mt from the previous trading day to $67/mt (price range: $62-72/mt); the average B/L price rose by $2/mt to $69/mt (price range: $64-74/mt); the average price for EQ copper (CIF B/L) rose by $3/mt to $38/mt (price range: $35-41/mt), with offers based on arrivals in early July.

Overnight, the SHFE/LME price ratio surged sharply. In the morning market, conditions were similar to yesterday, with demand more robust. Registered warrants and B/Ls for early July arrival were swept clean, and EQ also saw significant transactions. It was heard that EQ B/Ls arriving in early July traded around $40/mt, while a small number of physical EQ cargoes arriving in late June traded above $38/mt. Offers for registered B/Ls arriving in early July were reportedly quoted at $70-75/mt, and registered warrants for delivery in early July were traded at $70/mt.