Structure Retracement and SHFE/LME Price Ratio Rebound, Intraday Transactions Turn Active [SMM Yangshan Spot Copper]

        February 18, 2025: Today's warehouse warrant prices ranged from $52/mt to $66/mt, QP March, with the average price unchanged from the previous trading day; B/L prices ranged from $50/mt to $68/mt, QP March, with the average price unchanged from the previous trading day. EQ copper (CIF B/L) ranged from $1/mt to $15/mt, QP March, with the average price unchanged from the previous trading day. The quotations referred to cargoes arriving in late February and early March.

        During the day, the SHFE/LME price ratio for the SHFE copper 2503 contract was around -500 yuan/mt. LME copper 3M-Mar was at C$47.8/mt, and March-date to April-date was around C$24/mt. LME copper returned to a Contango structure for the near month during the day, with market activity significantly recovering compared to the previous day. Sellers maintained firm offers, and a small number of transactions saw the center remain consistent with the previous session.

        Currently, the actual warehouse warrant price for pyro high-quality copper is $66/mt, mainstream pyro copper is $59/mt, and wet-process copper is $52/mt. High-quality copper B/L is $68/mt, mainstream pyro copper is around $59/mt, and wet-process copper is $50/mt. CIF B/L EQ copper ranges from $1/mt to $15/mt, with an average price of $8/mt.