The SHFE/LME price ratio weakened, and the trading center slightly moved downward, but supply is still expected to remain tight [SMM Yangshan Spot Copper].

February 10, 2025: Today's warehouse warrant prices ranged from $58/mt to $72/mt, QP February, with an average price down $1/mt compared to the previous trading day; B/L prices ranged from $50/mt to $64/mt, QP March, with an average price down $1/mt compared to the previous trading day; EQ copper (CIF B/L) ranged from $3/mt to $17/mt, QP March, with the average price unchanged from the previous trading day, with quotations referencing cargoes arriving in mid-to-late February.

During the day, the SHFE/LME price ratio for the SHFE 2503 copper contract was around -200 yuan/mt. LME 3M-Feb was at C$106.65/mt, LME 3M-Mar at C$64.78/mt, and the February-March spread was around C$42/mt. The price spread between the LME 3M contract and the COMEX most-traded contract was close to $800/mt. The market held a tight supply expectation for February imported copper due to restocking activities from Asia, Africa, and South America. Although the actual transaction center declined due to the widening price ratio, quotations for late-month cargoes remained firm, with buyers actively seeking goods.

Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $72/mt, mainstream pyro copper is $65/mt, and wet-process copper is $58/mt. High-quality copper B/L is $64/mt, mainstream pyro copper is around $57/mt, and wet-process copper is $50/mt. CIF B/L EQ copper ranges from $3/mt to $17/mt, with an average price of $10/mt.