CME Registered Supply Premiums Resurge, Intraday Market Transactions Boom [SMM Shanghai Spot Copper]

       April 25, 2025: Warrant prices today ranged from $85 to $95/mt, QP May, with the average price up by $2/mt compared to the previous trading day. B/L prices ranged from $100 to $120/mt, QP May, with the average price up by $7/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $60 to $70/mt, QP May, with the average price unchanged from the previous trading day. The quotes referenced cargoes arriving in late April and early May.

        Since the day before yesterday, overseas traders have reportedly resumed searching for CME-registered cargoes arriving in late April and early May, with suppliers showing a clear sentiment to stand firm on quotes. Meanwhile, the center of EQ cargo transactions has moved upward, with transactions significantly more active than in previous days. It was reported that pyrometallurgy B/L transactions for late April closed at $100-110, while CCC-P, ENM, and ILO transactions for early May closed at $110-120, QP May. Far-month vessel schedules for CCC-P, ENM, and ILO registered B/Ls closed at $150, QP June. Domestic warrant offers were reportedly traded around $90/5QP. Mid-to-late April EQ warrant offers ranged from $60-70/5QP and were quickly traded at $65-70/5QP. Overall, the market situation appears to be repeating the trend of March, but with strong bottom support for Yangshan copper premiums driven by domestic consumption.