On October 8, the average warrant price rose $6/mt from the previous trading day to $125/mt (price range: $110-140/mt); the average B/L price rose $6/mt from the previous trading day to 120 yuan/mt (price range: 100-140 yuan/mt); the average EQ copper (CIF B/L) price rose $2/mt from the previous trading day to $55/mt (price range: $46-64/mt), with quotes referencing October-arrival cargoes.
On the first trading day after the holiday, the forward SHFE/LME price ratio remained unfavorable, while spot imports showed profits due to the current high domestic trade premiums. In early trading, spot supply in the imported copper market was limited, and suppliers held prices firm, especially for registered copper cargoes, where quotes were relatively high and actual transactions were scarce. It was heard that today, registered ER copper B/L for near-term arrival was quoted at $150/mt, registered ER copper warrants at $140/mt, and EQ copper arriving in mid- to late October at $65-70/mt.
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