SHFE/LME Price Ratio Rebounds, Offers Rise, Inquiries Focused on Early April B/L [SMM Yangshan Spot Copper]

       March 18, 2025: Today's warrant prices were $48-60/mt, QP April, with an average price up $4/mt compared to the previous trading day; B/L prices were $76-90/mt, QP April, with the average price unchanged from the previous trading day. EQ copper (CIF B/L) was $20-30/mt, QP March, with an average price up $5/mt compared to the previous trading day. The quotations referenced cargo arrivals in mid-to-late March and early April.

       During the day, the SHFE/LME price ratio for the SHFE copper 2503 contract was around -600 yuan/mt. LME copper 3M-Mar was at C$47.54/mt, LME copper 3M-Apr was at C$18.56/mt, and the spread between March and April dates was around C$28.98/mt. Due to the continued delay in long-term contract scheduling, market inquiries focused on April arrivals for registration and EQ B/L. Meanwhile, warrant offers rose due to the recovery in the price ratio, but intraday transactions remained sluggish.

       Currently, the actual transaction price for pyro high-quality copper warrants is $60/mt, mainstream pyro at $54/mt, and hydrometallurgical at $48/mt. High-quality copper B/L is $90/mt, mainstream pyro around $83/mt, and hydrometallurgical at $76/mt. CIF B/L EQ copper is $20-30/mt, with an average price of $25/mt.