SHFE/LME Price Ratio Pulls Back, Market Turns Quiet; Few Inquiries Before the Holiday [SMM Yangshan Spot Copper]

December 31, 2024: Today's warehouse warrant prices were $62-76/mt, QP January, with an average price down $1/mt compared to the previous trading day; B/L prices were $59-73/mt, QP January, with an average price down $1/mt compared to the previous trading day; EQ copper (CIF B/L) was $13-27/mt, QP January, with the average price unchanged from the previous trading day, with quotations referencing cargo arrivals in early to mid-January.

During the day, the SHFE/LME price ratio for the SHFE copper 2501 contract was around +82.35 yuan/mt, LME copper 3M-Jan was at C$92.04/mt, and the 2501-month date to 2502-month date was around C$46/mt. On the last trading day of 2024, most companies were busy with settlements. Due to a weak import profit window, market offers and inquiries were sluggish, and transactions were hard to find in the morning session.

Currently, the actual warehouse warrant price for pyro high-quality copper is $76/mt, mainstream pyro $70/mt, and wet-process $62/mt; high-quality copper B/L is $72/mt, mainstream pyro around $65/mt, and wet-process $58/mt; CIF B/L EQ copper is $13-27/mt, with an average price of $20/mt.