The morning market offers continued from yesterday, with premiums peaking and pulling back, while shipments increased. [SMM Yangshan Spot Copper]

        April 1, 2025: Today, the warrant price ranged from $67/mt to $73/mt, QP April, with the average price remaining unchanged from the previous trading day. The B/L price ranged from $92/mt to $100/mt, QP May, with the average price remaining unchanged from the previous trading day. EQ copper (CIF B/L) ranged from $32/mt to $42/mt, QP April, with the average price remaining unchanged from the previous trading day, and the quotation referred to cargoes arriving in the first and middle of April.

        The SHFE/LME price ratio for SHFE copper 2504 contract was around -700 yuan/mt, while the LME copper 3M-Apr was at C$30.77/mt, and the spread between April date and May date swap fees was around C$17.24/mt. As the price ratio gradually improved, market activity increased, but the divergence between offers and counteroffers remained significant. During the day, it was heard that EQ cargoes arriving in mid-April were traded at $25-30/5QP, while domestic warrants were quoted steadily at $70-75/5QP, with buyer counteroffers still at a low of $60, making it difficult to find a deal due to the significant divergence between buyers and sellers. Overall, the continuous inventory buildup in the bonded area has put pressure on warrant prices, and the sentiment for registered B/L remains cautious.