Late-Month Arrivals See Improved Transactions, U.S. Dollar Spot Copper Price Center Stabilizes [SMM Yangshan Spot Copper]

        January 9, 2025: Today, warehouse warrant prices ranged from $66/mt to $80/mt, QP January, with the average price unchanged from the previous trading day; B/L prices ranged from $58/mt to $72/mt, QP February, with the average price up by $2/mt from the previous trading day; EQ copper (CIF B/L) ranged from $6/mt to $20/mt, QP February, with the average price unchanged from the previous trading day. The quotations referenced cargo arrivals 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$58.0/mt, and the January 2501 to February 2502 spread was around C$48/mt. Morning trading was more active compared to previous days, as domestic trade premiums continued to rise. The center for mid-to-late January arrival B/L slightly moved upward, with EQ transactions concentrated around $15/mt. Overall, although buyers and sellers still had differences, the transaction center remained stable.

        Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $80/mt, mainstream pyro $73/mt, and wet-process $66/mt; high-quality copper B/L is $72/mt, mainstream pyro around $65/mt, and wet-process $58/mt; CIF B/L EQ copper ranges from $6/mt to $20/mt, with an average price of $13/mt.