South American Long-Term Contract Supply Further Reduced, Copper Prices Experienced Significant Fluctuations, Market Remained Cautious [SMM Yangshan Spot Copper]

        March 26, 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 $100-110/mt, QP April, with the average price up by $5/mt 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 refer to cargoes arriving in mid-to-late March and early April.

        The intraday SHFE/LME price ratio for SHFE copper 2504 contract was around -900 yuan/mt. LME copper 3M-Apr was at Back $6.42/mt, and the spread between April date and May date swap fees was around C$3.95/mt. Intraday market news indicated a further reduction in long-term contract supply from South America, with almost no offers for far-month registered pyrometallurgy B/L, only scattered EQ and warrant offers, but no transactions were heard. Buyers mostly remained in a wait-and-see mode due to the high volatility in copper prices, with no significant inventory-building demand.

        Currently, the actual price for high-quality ER copper warrants is $80/mt, mainstream pyrometallurgy is $75/mt, and hydrometallurgy is $70/mt. High-quality copper B/L is $110/mt, mainstream pyrometallurgy is around $105/mt, and hydrometallurgy is $100/mt. CIF B/L EQ copper is $40-50/mt, with an average price of $45/mt.