Tight Supply Liquidity Hardly Heard of Deals Far-Month B/L Offers Remain High [SMM Yangshan Spot Copper]

March 21, 2025: Warrant prices were $65-75/mt, QP April, with the average price up by $5/mt from the previous trading day; B/L prices were $91-105/mt, QP April, also with the average price up by $5/mt. EQ copper (CIF B/L) was at $30-40/mt, QP April, with the average price unchanged, referencing shipments arriving in mid to late March and early April. The SHFE/LME price ratio for imports against the SHFE 2504 contract was around -800 yuan/mt. LME 3M-Apr was at C$18.64/mt, and the carry between April and May dates was near C$14.95/mt. Spot transactions were scarce during the day, with active inquiries among traders but limited available supply. There were reports of high offers for some forward B/Ls, indicating tightening liquidity. High-quality ER copper warrant prices were at $75/mt, mainstream pyrometallurgy at $70/mt, and hydrometallurgy at $65/mt. High-quality copper B/Ls were at $105/mt, mainstream pyrometallurgy around $98/mt, and hydrometallurgy at $91/mt. CIF B/L EQ copper was at $30-40/mt, with an average of $35/mt.