The Delivery Pace of Long-Term Contracts Is Slow, Seller Activity Is Limited, and the Market Is Sluggish [SMM Yangshan Spot Copper]

        March 14, 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 $76-90/mt, QP April, with the average price up by $3/mt 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$30.31/mt, LME copper 3M-Apr was at C$7.91/mt, and the spread between March and April dates was around C$22.4/mt. Trading remained sluggish during the day, with limited spot cargo availability in bonded zones. The delivery pace of long-term contracts for April was slow, and seller activity was relatively weak.         Currently, the actual transaction price for pyro high-quality copper warrants was $55/mt, mainstream pyro copper was $50/mt, and wet-process copper was $45/mt. High-quality copper B/L was $90/mt, mainstream pyro copper was around $83/mt, and wet-process copper was $76/mt. CIF B/L EQ copper was $15-25/mt, with an average price of $20/mt.