The volume of spot offers increased, and the premium center declined. Buyers remained in a wait-and-see attitude in the short term. [SMM Yangshan Spot Copper]

On March 28, 2025, the warrant price was $70-76/mt, QP April, with the average price down by $1/mt compared to the previous trading day. The B/L price was $96-106/mt, QP April, with the average price down by $4/mt compared to the previous trading day. EQ copper (CIF B/L) was $35-45/mt, QP April, with the average price down by $5/mt compared to the previous trading day, and the quotation referred to the cargo arriving in the first and middle ten days of April. The SHFE/LME price ratio for SHFE copper 2504 contract was around -600 yuan/mt, with LME copper 3M-Apr at C$23.69/mt, and the spread between April date and May date at around C$18.45/mt. The market offers continued to pull back during the day, with increased offers and decreased inquiries in the first ten days of April. The EQ offers for mid-April arrival were $40-45/5QP, and the warrant offers were adjusted to $70-75, with low purchase willingness from buyers. The registered B/L offers for the first ten days of April were $110/4QP, and a small amount of low-price transactions were heard. Overall, the market sentiment turned cold, and some suppliers began to actively sell.