The morning market was quiet, and the May long-term contract shipments remained slow. [SMM Yangshan Spot Copper]

        April 24, 2025: Warrant prices today ranged from $84 to $92/mt, QP May, with the average price unchanged from 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 unchanged from the previous trading day. The quoted prices referred to cargoes arriving in late April and early May.

        The SHFE/LME price ratio rose intraday. On the final day of the SMM Copper Conference, trading activity in the spot market was light, and offers were scarce in the morning session. The pace of long-term contract declarations for May remained slow. It was heard that pyrometallurgy B/Ls for late April closed at $100-110, while CCC-P, ENM, and ILO transactions for early May were concluded at $110-115, QP May. Domestic warrant offers were traded around $85-90/5QP. EQ warrant offers for mid to late May were difficult to transact at $60-70/5QP. Overall, the market logic showed no significant shift, and the arrival of some domestic B/Ls is expected to exert some pressure on premiums.