Suppliers have strong sentiment to dump cargoes, premiums weaken, and market divergence is evident [SMM Shanghai spot copper]

Published: Jun 3, 2025 13:11

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June 3, 2025 News: Today, warrant prices ranged from $80 to $90/mt, with a QP in June. The average price fell by $1/mt compared to the previous trading day. B/L prices ranged from $86 to $114/mt, with a QP in July. The average price remained unchanged compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $46 to $60/mt, with a QP in July. The average price fell by $2/mt compared to the previous trading day. Quotations referenced cargoes expected to arrive in mid-to-late June.

There was a significant amount of market activity during the day, with holders showing a strong inclination to liquidate their positions. Premiums for domestic warehouse B/Ls and EQ B/Ls both declined sharply, while only non-domestic registered brands maintained firm premiums in the market. It was heard that among traders, domestic pyrometallurgy B/L offers were around $85 in mid-June, with transactions closing at $75-80/mt, QP in July. General pyrometallurgy transactions closed at $110-120/mt, QP in July. Domestic warrant offers were around $80, QP in June-July, with counteroffers heard at $40, QP in July. EQ B/L offers for cargoes expected to arrive in early June were quoted at $50-60/mt, QP in June. There were significant differences in buyer counteroffers, making it difficult to close deals. Overall, the market was actively selling, and EQ copper premiums declined more than expected. Market differentiation was evident.

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