Registration of B/L Transactions Returns to Sluggishness, EQ Copper Trading Shows Some Recovery [SMM Yangshan Spot Copper]

March 5, 2025: Today, warehouse warrant prices were $32-42/mt, QP March, with the average price unchanged from the previous trading day; B/L prices were $55-75/mt, QP April, with the average price down by $1/mt from the previous trading day. EQ copper (CIF B/L) was priced at B$2-6/mt, QP March, with the average price up by $2/mt from the previous trading day, with offers referencing cargoes 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 B$2.62/mt, LME 3M-Apr copper was at C$0.18/mt, and the spread between March and April dates was around Back $2.8/mt. After significant transactions in warehouse warrants earlier, spot market B/L trading has returned to being subdued. Buyers' inquiries were focused on EQ cargoes arriving in late March, with offers showing some recovery compared to earlier periods. Currently, the actual transaction 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 prices are $75/mt, mainstream pyro copper is around $65/mt, and wet-process copper is $55/mt. CIF B/L EQ copper is priced at B$2-6/mt, with an average price of $2/mt.