Market supply is limited, and Yangshan copper premiums have risen rapidly. [SMM Yangshan Spot Copper]

December 23, 2024: Today, warehouse warrant prices ranged from $56/mt to $70/mt, QP January, with an average price increase of $6/mt compared to the previous trading day; B/L prices ranged from $53/mt to $67/mt, QP January, with an average price increase of $7/mt compared to the previous trading day; EQ copper (CIF B/L) ranged from $12/mt to $26/mt, QP January, with an average price increase of $4/mt compared to the previous trading day. The quotations referenced cargoes arriving in late December and early January.

During the day, the SHFE/LME price ratio for the SHFE copper 2501 contract was around +73 yuan/mt, LME copper 3M-Jan was at C$69.9/mt, and the SHFE copper 2501-2502 spread was around C$42/mt. The SHFE/LME price ratio performed moderately during the day, with import profitability still present. Some downstream buyers showed purchase willingness, but most traders had already locked in import prices last Friday afternoon and early Monday morning. Market supply was extremely limited, with overall offers relatively high and trading volume constrained.

Currently, pyro high-quality copper warehouse warrant prices are $70/mt, mainstream pyro $63/mt, and hydrometallurgical $56/mt; high-quality copper B/L prices are $67/mt, mainstream pyro around $60/mt, and hydrometallurgical $53/mt; CIF B/L EQ copper prices range from $12/mt to $26/mt, with an average price of $19/mt.