Intraday trading was significantly more active than yesterday, with buyers mostly returning to the SHFE/LME price ratio-driven logic. [SMM Yangshan Spot Copper]

        On April 2, 2025, the warrant price closed at $66-72/mt, QP April, with the average price down by $1/mt compared to the previous trading day. The B/L price closed at $92-100/mt, QP May, with the average price flat compared to the previous trading day. EQ copper (CIF B/L) closed at $32-42/mt, QP April, with the average price flat compared to the previous trading day, and the quotation referred to the cargo arriving in the first and middle ten days of April.

        The intraday SHFE/LME price ratio for SHFE copper 2504 contract was around -600 yuan/mt, LME copper 3M-Apr was at C$24.87/mt, and the spread between April date and May date swap fees was around C$14.15/mt. The intraday ratio continued to recover, and some buyers began to seek opportunities for importing warrants or near-month EQ B/L. It was heard that EQ cargo arriving in the early ten days of April was traded at $40-45, with QP April-May date. Domestic warrant offers declined to around $70/5QP, and it was heard that a few offers were at $60/5QP, with buyer counteroffers at the low of $60, and a small amount of cargo was traded. It was heard that far-month arriving registered pyrometallurgy B/L was offered at $100/6QP, with weak inquiry intentions. Overall, market transactions warmed up compared to the previous day, and most trades returned to the ratio logic.