Market Demand Gap Pushes Up Premiums Buyer Inquiries Active but Limited Transactions [SMM Yangshan Spot Copper]

March 24, 2025: Warrant prices were $70-80/mt, QP April, with the average price up by $5/mt from the previous trading day; B/L prices were $95-105/mt, QP April, with the average price up by $2/mt from the previous trading day. EQ copper (CIF B/L) was $40-50/mt, QP April, with the average price up by $10/mt from the previous trading day. The quotations referred to shipments arriving in mid-to-late March and early April. The SHFE/LME price ratio for imported copper against the SHFE 2504 contract was around -950 yuan/mt. LME 3M-Apr was at C$13.35/mt, and the carry between April date and May date widened to around C$15.36/mt. Since last Friday, when EQ offers surged, the impact of long-term contract shorts continued. Suppliers, optimistic about future premiums, held back cargoes, while buyers showed active inquiries but limited transactions. Currently, high-quality ER copper warrant prices stood at $80/mt, mainstream pyrometallurgy at $75/mt, and hydrometallurgy at $70/mt. High-quality copper B/L prices were $105/mt, mainstream pyrometallurgy around $100/mt, and hydrometallurgy at $95/mt. CIF B/L EQ copper was $40-50/mt, with an average of $45/mt.