On July 21, the average warrant price rose $6/mt from the previous trading day to $109/mt (price range: $106-112/mt); the average B/L price rose $6/mt from the previous trading day to $108/mt (price range: $106-110/mt); the average price of EQ copper (CIF B/L) rose $10/mt from the previous trading day to $74/mt (price range: $68-80/mt), with offers referencing cargoes arriving mid-to-late July through mid-to-late August.
According to SMM, inland transportation capacity in Africa has been tight recently, the market supply deficit continued to materialize, sellers kept raising offer prices, while downstream mainly made just-in-time procurement with limited actual transactions, and imported copper spot premiums hit a new high for the year. Yesterday, it was heard that EQ copper arriving at end-July was traded at $80/mt. Today, offers for registered B/L arriving at end-July were heard at $110-120/mt, and a small volume of EQ copper arriving in late August was offered at $80-90/mt.
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