The Market Remains Inactive Before Chinese New Year, Spot Copper Is Quiet With Few Offers [SMM Yangshan Spot Copper]

        January 27, 2025: Today's warehouse warrant prices ranged from $64/mt to $78/mt, QP February, with the average price unchanged from the previous trading day; B/L prices ranged from $54/mt to $68/mt, QP February, with the average price unchanged from the previous trading day; EQ copper (CIF B/L) ranged from $4/mt to $18/mt, QP February, with the average price unchanged from the previous trading day, with quotations referencing cargo arrivals in mid-to-early February.

        During the day, the SHFE/LME price ratio for the SHFE copper 2502 contract was around -400 yuan/mt, LME copper 3M-Feb was at C$83.48/mt, and the 2502-month date to 2503-month date was around C$38/mt. Before the holiday, the price ratio improved, but most market traders had already gone on holiday, leaving the US dollar copper market quiet.

        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 ranges from $4/mt to $18/mt, with an average price of $11/mt.