Suppliers Shift Offers to April, High-Quality Copper Near Ports Sold Out [SMM Yangshan Spot Copper]

March 4, 2025: Today, warehouse warrant prices ranged from $32/mt to $42/mt, QP March, with an average price increase of $2/mt compared to the previous trading day; B/L prices ranged from $55/mt to $77/mt, QP April, with an average price increase of $4/mt compared to the previous trading day. EQ copper (CIF B/L) ranged from -$4/mt to $4/mt, QP March, with the average price unchanged from the previous trading day, with quotes referencing cargo arriving in mid-to-late March. During the day, the SHFE/LME price ratio for the SHFE 2503 copper contract was around -800 yuan/mt. LME 3M-Mar copper was at C$3.98/mt, LME 3M-Apr copper was at C$5.17/mt, and the spread between March and April dates was around Back $1.19/mt. The SHFE/LME price ratio continued to rebound during the day, and warehouse warrant offers showed some recovery compared to earlier periods. Almost all high-quality copper arriving in March was sold out, with transaction centers remaining elevated. In contrast, EQ cargo arriving in March saw a significant disparity, with offers receiving almost no inquiries. Currently, the spot price for pyro high-quality copper warehouse warrants is $42/mt, mainstream pyro copper is $37/mt, and wet-process copper is $32/mt. High-quality copper B/L is $77/mt, mainstream pyro copper is around $66/mt, and wet-process copper is $55/mt. CIF B/L EQ copper ranges from -$4/mt to $4/mt, with an average price of $0/mt.