LME Copper Market Closed for Christmas, USD Copper Market Falls Silent [SMM Yangshan Spot Copper]

December 25, 2024: Today, warehouse warrant prices were $64-78/mt, QP January, with the average price unchanged from the previous trading day; B/L prices were $60-74/mt, QP January, with the average price unchanged from the previous trading day; EQ copper (CIF B/L) was $14-28/mt, QP January, with the average price unchanged from the previous trading day. The quotations referred to cargoes arriving in late December and early January.

During the day, the SHFE/LME price ratio for the SHFE copper 2501 contract was around +171 yuan/mt, LME copper 3M-Jan was at C$76.61/mt, and the 2501-month date to 2502-month date was around C$43/mt. Due to the Christmas holiday closure of the LME copper market, coupled with already scarce supply, the US dollar copper market was relatively quiet today.

Currently, the warehouse warrant price for pyro high-quality copper is $78/mt, mainstream pyro copper is $71/mt, and wet-process copper is 64 yuan/mt; B/L prices for high-quality copper are $74/mt, mainstream pyro copper is around $67/mt, and wet-process copper is $60/mt; CIF B/L EQ copper is $14-28/mt, with an average price of $21/mt.