February 27, 2025 News: Today's warehouse warrant price ranged from $30-40/mt, QP March, with an average price down by $4/mt compared to the previous trading day; B/L price ranged from $48-60/mt, QP March, with the average price remaining unchanged compared to the previous trading day. EQ copper (CIF B/L) ranged from -$4/mt to $4/mt, QP March, with the average price remaining unchanged compared to the previous trading day. The quotations referenced cargo arriving in mid-to-early March.
During the day, the SHFE/LME price ratio for SHFE copper 2503 contract was around -1,250 yuan/mt. LME copper 3M-Mar was in a backwardation of $16.02/mt, and the spread between March and April dates narrowed to around $11.76/mt backwardation. Market inquiries during the day focused on registered cargo arriving in March, with actual transaction prices remaining firm. Domestic smelters increased FOB offers due to concerns that exports might lead to significant inventory buildup in bonded zones, causing warehouse warrant prices to remain at low levels. Meanwhile, due to the weak SHFE/LME price ratio, EQ counteroffers have dropped to discounts.
Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $40/mt, mainstream pyro at $35/mt, and hydrometallurgical at $30/mt. High-quality copper B/L is priced at $60/mt, mainstream pyro at around $54/mt, and hydrometallurgical at $48/mt. CIF B/L EQ copper ranges from -$4/mt to $4/mt, with an average price of $0/mt.
