The short-term market trading atmosphere was sluggish, and domestic warrant spot transactions experienced a pullback. [SMM Yangshan Spot Copper]

        March 27, 2025: Today, the warrant price ranged from $70/mt to $78/mt, QP April, with the average price down by $1/mt compared to the previous trading day. The B/L price ranged from $100/mt to $110/mt, QP April, with the average price unchanged from the previous trading day. EQ copper (CIF B/L) ranged from $40/mt to $50/mt, QP April, with the average price unchanged from the previous trading day, and the quotation referred to cargoes arriving in the first and middle ten days of April.

        The SHFE/LME price ratio for SHFE copper 2504 contract was around -900 yuan/mt, while the LME copper 3M-Apr was at C$17.08/mt, and the spread between April date and May date was around C$12.05/mt. Before the implementation of the US equivalent tariffs, market sentiment was heavily cautious, and the registered B/L quotations were quiet with a pullback in transactions. During the day, it was heard that the near-sea pyrometallurgy B/L offers for the first ten days of April were at $110-120/4QP, the EQ offers for the middle and late ten days of April were at $50-55/5QP, and the warrant offers remained stable at $75-80, but there was a significant divergence between buyers and sellers, with counteroffers generally around $65. Overall, market transactions were limited, and the actual prices showed a pullback trend.