Contango Structure Expands, SHFE/LME Price Ratio Improves, Suppliers Offer Firm Quotes [SMM Yangshan Spot Copper]

        January 14, 2025: Today's warehouse warrant prices were $71-81/mt, QP January, with an average price up $1/mt compared to the previous trading day; B/L prices were $59-73/mt, QP February, with an average price up $1/mt compared to the previous trading day; EQ copper (CIF B/L) was $9-23/mt, QP February, with an average price up $3/mt compared to the previous trading day, with quotations referencing cargo arrivals in 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$61.75/mt, and the January 2501 to February 2502 spread was around C$54/mt. Today's price ratio slightly improved. February long-term contract declarations gradually commenced, with early market offers slightly higher than the previous day, and EQ copper quotations remained firm.

        Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $81/mt, mainstream pyro copper is $71/mt, and wet-process copper quotations are scarce; high-quality copper B/L is $73/mt, mainstream pyro copper is around $66/mt, and wet-process copper is $59/mt; CIF B/L EQ copper is $9-23/mt, with an average price of $16/mt.