January 2, 2025: Today's warehouse warrant prices were $59-73/mt, QP January, with an average price down $3/mt compared to the previous trading day; B/L prices were $56-70/mt, QP February, with an average price down $3/mt compared to the previous trading day; EQ copper (CIF B/L) was $13-27/mt, QP January, with the average price unchanged from the previous trading day, and quotations referred to cargoes arriving in late January and early February.
During the day, the SHFE/LME price ratio for the SHFE copper 2502 contract was around -129.56 yuan/mt, LME copper 3M-Jan was at C$49.08/mt, and January 2501 to February 2502 was around C$45/mt. Due to the recovery in the price ratio, the import profit window for early January cargoes opened significantly, with almost no market offers. Similarly, there were few offers during the Chinese New Year and late January, and the actual trading center was lower than before the holiday. Meanwhile, EQ cargo quotations remained firm.
Currently, the actual trading price for pyro high-quality copper warehouse warrants was $73/mt, mainstream pyro $67/mt, and wet-process $59/mt; high-quality copper B/L was $70/mt, mainstream pyro around $65/mt, and wet-process $56/mt; CIF B/L EQ copper was $13-27/mt, with an average price of $20/mt.
