U.S. Dollar Copper Premiums Rise Overall, Concerns Over Long-Term Contract Supply Persist [SMM Yangshan Spot Copper]

March 19, 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 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. The morning market saw firm offers, with registered, EQ B/L, and warrant prices all rising, though actual transactions remained limited. Currently, the spot price for pyro high-quality copper warrants is $60/mt, mainstream pyro at $54/mt, and wet-process at $48/mt. High-quality copper B/L is $90/mt, mainstream pyro at around $87/mt, and wet-process at $80/mt. CIF B/L EQ copper is $25-35/mt, with an average price of $30/mt.