Yangshan Copper Premiums Rise Overall, Concerns Over Long-Term Contract Supply Persist

March 19, 2025: March 19, 2025: Warrant prices were $48 to $60/mt, QP April, with the average price up by $4/mt from the previous trading day; B/L prices were $76 to $90/mt, QP April, with the average price unchanged from the previous trading day. EQ copper (CIF B/L) was $20 to $30/mt, QP March, with the average price up by $5/mt from the previous trading day. Offers referenced shipments arriving in mid-to-late March and early April. Based on the SHFE/LME price ratio, import loss was around -600 yuan/mt, LME 3M-Mar at C$47.54/mt, and LME 3M-Apr at C$18.56/mt, with March and April dates near C$28.98/mt. In the morning market, offers were firm, with registered, EQ B/L, and warrant prices all rising, but actual transactions remained few. Currently, high-quality ER copper warrant prices were $60/mt, mainstream ER copper at $54/mt, and SX-EW at $48/mt; high-quality copper B/L prices were $90/mt, mainstream ER copper around $87/mt, and SX-EW at $80/mt; CIF B/L EQ copper was $25 to $35/mt, with an average of $30/mt.