The SHFE/LME price ratio diverged significantly, and the center of spot copper transactions pulled back [SMM Yangshan Spot Copper].

        January 24, 2025: Today, warehouse warrant prices were $64-78/mt, QP February, with the average price unchanged from the previous trading day; B/L prices were $54-68/mt, QP February, with the average price unchanged from the previous trading day; EQ copper (CIF B/L) was $4-18/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 -600 yuan/mt, LME copper 3M-Feb was at C$77.66/mt, and the 2502-month date to 2503-month date was around C$37/mt. The price ratio dropped significantly during the day, coupled with a quiet market during the holiday period, with only sporadic transactions of pyro B/L. The overall center pulled back noticeably.

        Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $78/mt, mainstream pyro is $71/mt, and wet process is $64/mt; high-quality copper B/L is $68/mt, mainstream pyro is around $61/mt, and wet process is $54/mt; CIF B/L EQ copper is $4-18/mt, with an average price of $11/mt.