LME copper remains closed, and the USD copper market is relatively quiet [SMM Yangshan spot copper].

        December 26, 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. LME copper remained closed today, with no overseas market references. The US dollar copper market saw few offers and remained relatively quiet.

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