SHFE/LME Price Ratio Recovers Slightly, Morning Session Buyer Purchase Willingness Improves [SMM Yangshan Spot Copper]

On June 11, the average warrant price remained flat from the previous trading day, reported at $59/mt (price range: $54-64/mt); the average B/L price was also unchanged, at $61/mt (price range: $55-67/mt); the average EQ copper (CIF B/L) price held steady at $29/mt (price range: $24-34/mt), with quotes referencing cargoes arriving in mid-to-late June and early July.

Intraday spot market sentiment was similar to yesterday, noting that the SHFE/LME price ratio recovered, and buyers’ purchase willingness increased somewhat. EQ arrivals were heard to be traded around $15-20/mt, with a small volume of late-June arrival EQ physical trades concluded above $20/mt. Forward B/L cargoes were tight and hard to find, with a small volume of registered B/L for late June arrival heard offered at $40/mt