The LME copper market reopened with increased activity, the SHFE/LME price ratio window warmed up, and warrant offers rebounded. [SMM Yangshan spot copper]

        April 22, 2025: Warrant prices today ranged from $84 to $92/mt, QP May, with the average price up by $2/mt compared to the previous trading day. B/L prices ranged from $98 to $108/mt, QP May, with the average price unchanged from the previous trading day. EQ copper (CIF B/L) ranged from $57 to $67/mt, QP May, with the average price up by $2/mt compared to the previous trading day. The quoted prices referred to cargoes arriving in late April and early May.

        Due to significant destocking in bonded warrants last Friday, market inquiries and offers became more active after the reopening of LME copper. Domestic destocking led to an increase in premiums, and the import window for spot imports opened. In the morning session, pyrometallurgy B/L for late April was heard at $100-105, while CCC-P, ENM, and ILO for early May were heard at $115-120, QP May. Domestic warrant offers were heard around $100/5QP. EQ warrant offers for mid to late May at $70/5QP were hard to find transactions. Overall, market offers warmed up, and holders had a relatively certain expectation of future shortages.