Copper Prices Continue to Rise, Increasing Financing Costs; Spot Offers Remain High but Transactions Are Limited [SMM Yangshan Spot Copper]

March 13, 2025: Today's warrant prices were $45-55/mt, QP March, with the average price unchanged from the previous trading day; B/L prices were $70-90/mt, QP April, with the average price also unchanged from the previous trading day. EQ copper (CIF B/L) was $15-25/mt, QP March, with the average price up by $5/mt from the previous trading day. The quotations referred to cargoes arriving in mid-to-late March and early April.

During the day, the SHFE/LME price ratio for the SHFE copper 2503 contract was around -1,100 yuan/mt. LME copper 3M-Mar was at C$10.65/mt, LME copper 3M-Apr was at B$6.42/mt, and the spread between March and April dates was around C$17.07/mt. Currently, March-arrival B/Ls are scarce, pushing EQ prices higher, with actual transaction prices significantly rising. Meanwhile, some traders sought bonded zone inventory, but offers were high and transactions were limited.

At present, the actual transaction price for pyro high-quality copper warrants was $55/mt, mainstream pyro was $50/mt, and wet-process was $45/mt. High-quality copper B/Ls were $90/mt, mainstream pyro was around $80/mt, and wet-process was $70/mt. CIF B/L EQ copper was $15-25/mt, with an average price of $20/mt.