Weak Supply and Demand, Spot Copper Market in USD Remains Sluggish [SMM Yangshan Spot Copper]

January 22, 2025: Today's warehouse warrant prices were $66-80/mt, QP February, with the average price unchanged from the previous trading day; B/L prices were $56-70/mt, QP February, with the average price unchanged from the previous trading day; EQ copper (CIF B/L) was $6-20/mt, QP February, with the average price unchanged from the previous trading day. The 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 -540 yuan/mt, LME copper 3M-Feb was at C$72.20/mt, and the 2502 month-date to 2503 month-date spread was around C$36/mt. The market remained inactive during the day, with few quotations and inquiries. A small number of forward-month B/L transactions were completed, with buyers' counteroffers remaining low due to the price ratio.

Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $80/mt, mainstream pyro copper is $73/mt, and wet-process copper is $66/mt; high-quality copper B/L is $70/mt, mainstream pyro copper is around $63/mt, and wet-process copper is $56/mt; CIF B/L EQ copper is $6-20/mt, with an average price of $13/mt.