Spot Market Sluggish, Offers and Deals Hard to Find in Early Trading [SMM Yangshan Spot Copper]

On May 27, the average warrant price remained flat from the previous trading day at $71/mt (price range $66-76/mt); the average B/L price remained flat from the previous trading day at $72/mt (price range $68-76/mt); the average EQ copper (CIF B/L) price remained flat from the previous trading day at $42/mt (price range $38-46/mt), with quotes referencing cargoes arriving in late May and early June.

   The market was sluggish during the day, with sellers offering almost no quotes and buyers showing no demand. It was heard that standard ER copper warrants for delivery within the week were quoted at $80-85/mt, with a small volume transacted at $75/mt, QP June.