LME Cash-3M Structure Turns to Backwardation, Market Sentiment Remains Cautious [SMM Yangshan Spot Copper]

February 17, 2025: Today's warehouse warrant prices ranged from $52/mt to $66/mt, QP March, with an average price down by $2/mt compared to the previous trading day; B/L prices ranged from $50/mt to $68/mt, QP March, with an average price down by $2/mt compared to the previous trading day; EQ copper (CIF B/L) ranged from $1/mt to $15/mt, QP March, with an average price down by $1/mt compared to the previous trading day. The quotations referenced cargo arrivals in late February and early March.

During the day, the SHFE/LME price ratio for the SHFE copper 2503 contract was around -700 yuan/mt. LME copper 3M-Mar was at C$38.91/mt, and the February 2502 to March 2503 date spread was around Back $51/mt. After a brief shock last Friday evening, the near-month structure of LME copper shifted to BACK. Buyers and sellers showed caution during the day, with most adopting a wait-and-see approach, and market inquiries and offers were not active.

Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $66/mt, mainstream pyro $59/mt, and wet-process $52/mt; high-quality copper B/L is $68/mt, mainstream pyro around $59/mt, and wet-process $50/mt; CIF B/L EQ copper ranges from $1/mt to $15/mt, with an average price of $8/mt.