Minor Inventory Buildup in Bonded Zones Before the Holiday, but Transactions Are Hard to Find in the Market [SMM Yangshan Spot Copper]

January 23, 2025: Today's warehouse warrant prices were $66-80/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, with quotations referencing late January and early February arrivals.

During the day, the SHFE/LME price ratio for the SHFE copper 2502 contract was around -490 yuan/mt, LME copper 3M-Feb was at C$75.09/mt, and the 2502-month date to 2503-month date was around C$36/mt. The near-month price ratio improved slightly during the day, bonded zone arrivals increased slightly, but overall market activity remained sluggish as most participants gradually went on holiday, making transactions difficult to find.

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