Distant Month EQ Prices Pull Back, But Bonded Warehouse Warrants Remain in Undersupply [SMM Yangshan Spot Copper]

        January 8, 2025: Today's warehouse warrant prices were $66-80/mt, QP January, with an average price up $3/mt compared to the previous trading day; B/L prices were $56-70/mt, QP February, with the average price unchanged from the previous trading day; EQ copper (CIF B/L) was $6-20/mt, QP February, with an average price down $3/mt compared to the previous trading day. The quotations referred to cargoes arriving in mid-to-late January and early February.

        During the day, the SHFE/LME price ratio for the SHFE copper 2502 contract was around -450 yuan/mt, LME copper 3M-Feb was at C$57.9/mt, and the 2501 January date to 2502 February date was around C$48/mt. The price ratio weakened over the past two days, with high offers for pre-Chinese New Year arrivals but limited transactions. Buyers mostly considered post-holiday arrivals. Bonded warehouse warrants were in undersupply, and actual transaction prices remained firm.

        Currently, the actual transaction price for pyro high-quality copper warehouse warrants was $80/mt, mainstream pyro $73/mt, and hydrometallurgical $66/mt; high-quality copper B/L was $70/mt, mainstream pyro around $63/mt, and hydrometallurgical $56/mt; CIF B/L EQ copper was $6-20/mt, with an average price of $13/mt.