SHFE/LME Price Ratio Only Slightly Recovered, Limited Spot Copper Transactions [SMM Yangshan Spot Copper]

        March 10, 2025: Today, warehouse warrant prices were $45-55/mt, QP March, with the average price unchanged from the previous trading day; B/L prices were $68-90/mt, QP April, with the average price unchanged from the previous trading day. EQ copper (CIF B/L) was $10-20/mt, QP March, with the average price unchanged from the previous trading day. The quotations referred to cargoes arriving in mid-to-late March and early April.

        During the day, the SHFE/LME price ratio for the SHFE copper 2503 contract was around -900 yuan/mt. LME copper 3M-Mar was at C$7.71/mt, LME copper 3M-Apr was at B$0.58/mt, and the March date to April date spread was around C$8.29/mt. The price ratio improved during the day, but market trading sentiment remained sluggish, with only a small volume of EQ and pyro warehouse warrants traded. Overall, trading activity was not active.

        Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $55/mt, mainstream pyro is $50/mt, and wet process is $45/mt. High-quality copper B/L is $90/mt, mainstream pyro is around $76/mt, and wet process is $68/mt. CIF B/L EQ copper is $8-20/mt, with an average price of $14/mt.