The arrival of EQ in April is expected to decrease significantly, with offers rising but transactions remaining scarce. [SMM Shanghai Spot Copper]

        March 25, 2025: Today, the warrant price was $70-80/mt, QP April, with the average price unchanged from the previous trading day. The B/L price was $95-105/mt, QP April, with the average price unchanged from the previous trading day. EQ copper (CIF B/L) was $40-50/mt, QP April, with the average price unchanged from the previous trading day. The quoted prices referred to cargoes arriving in mid-to-late March and early April.

        The intraday SHFE/LME price ratio for SHFE copper 2504 contract was around -950 yuan/mt. LME copper 3M-Apr was at C$9.55/mt, and the spread between April date and May date swap fees was around C$13.25/mt. Today's market offers increased compared to yesterday, but buyers remained cautious due to the pending US tariff decision next week, resulting in limited actual transactions. It was heard that EQ offers continued to rise, and the volume of African cargoes arriving in April significantly decreased.

         Currently, the actual price for high-quality ER copper warrants is $80/mt, mainstream pyrometallurgy is $75/mt, and hydrometallurgy is $70/mt. The B/L price for high-quality copper is $105/mt, mainstream pyrometallurgy is around $100/mt, and hydrometallurgy is $95/mt. CIF B/L EQ copper is $40-50/mt, with an average price of $45/mt.