The Market Was Quiet Before the Holiday, with Both Inquiries and Offers Being Inactive [SMM Yangshan Spot Copper]

January 20, 2025: Today's warehouse warrant prices were $71-81/mt, QP February, with the average price unchanged from 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 the average price unchanged from the previous trading day. The quotations referred to cargoes arriving in late January and early February.

During the day, the SHFE/LME price ratio for the SHFE copper 2502 contract was around -530 yuan/mt, LME copper 3M-Feb was at C$62.54/mt, and the 2502-month date to 2503-month date was around C$35/mt. The market was quiet during the day, with both inquiries and offers inactive. A small number of post-holiday arriving cargoes had firm offers but were difficult to transact.

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 offers are scarce; high-quality copper B/L is $70/mt, mainstream pyro copper is around $63/mt, and wet-process copper is $56/mt; CIF B/L EQ copper is $6-20/mt, with an average price of $13/mt.