SHFE/LME Price Ratio Remains Low, Warehouse Warrant Prices Decline, Buyer Demand Weak, Transactions Rare [SMM Yangshan Spot Copper]

        February 24, 2025: Today's warehouse warrant prices ranged from $34/mt to $46/mt, QP March, with an average price down by $4/mt compared to the previous trading day; B/L prices ranged from $48/mt to $60/mt, QP March, with the average price unchanged from the previous trading day. EQ copper (CIF B/L) ranged from $0/mt to $8/mt, QP March, with an average price down by $2/mt compared to the previous trading day. The quotations referenced cargo arriving in mid-to-early March.

        During the day, the SHFE/LME price ratio for the SHFE copper 2503 contract was around -1,130 yuan/mt, LME copper 3M-Mar was at C$7.11/mt, and March date to April date was around C$2.65/mt. Some suppliers in the market were eager to sell due to narrowing spreads, causing warehouse warrant prices to continue declining. Quotations for early March registered B/L remained firm but saw limited transactions. Overall, market divergence was evident.

        Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $46/mt, mainstream pyro at $40/mt, and wet-process at $34/mt. High-quality copper B/L is priced at $60/mt, mainstream pyro at around $54/mt, and wet-process at $48/mt. CIF B/L EQ copper is priced from $0/mt to $8/mt, with an average price of $4/mt.