The Market Has Clearly Heated Up with Active Trading; Forward Quotations Remain Firm [SMM Yangshan Spot Copper]

        February 6, 2025: Today, warehouse warrant prices were $61-75/mt, QP February, with the average price unchanged from the previous trading day; B/L prices were $51-65/mt, QP March, with the average price up by $1/mt from the previous trading day; EQ copper (CIF B/L) was $3-17/mt, QP March, with the average price unchanged from the previous trading day, with quotations referencing cargoes arriving in mid-to-late February.

        During the day, the SHFE/LME price ratio for the SHFE copper 2502 contract was around -270 yuan/mt, LME copper 3M-Feb was at C$103.89/mt, and the 2502-Feb to 2503-Mar spread was around C$42/mt. Buyer inquiries were active during the day, and trading activity in the spot market showed a significant recovery. Quotations for mid-to-late February cargoes remained firm, but actual transaction prices were highly flexible. Overall, differences between buyers and sellers persisted, but transactions showed a clear increase.

        Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $75/mt, mainstream pyro is $68/mt, and wet-process is $61/mt; high-quality copper B/L is $65/mt, mainstream pyro is around $58/mt, and wet-process is $51/mt; CIF B/L EQ copper is $3-17/mt, with an average price of $10/mt.