Spot market enters holiday season early, with sluggish trading atmosphere in morning session [[SMM Yangshan spot copper]]

        April 30, 2025 News: Today, warrant prices ranged from $90 to $98/mt, with a QP (Quantity Premium) in May, and the average price remained unchanged from the previous trading day. B/L (Bill of Lading) prices ranged from $105 to $125/mt, with a QP in May, and the average price remained unchanged from the previous trading day. EQ copper (CIF B/L) prices ranged from $65 to $75/mt, with a QP in May, and the average price remained unchanged from the previous trading day. Quotations were based on cargoes expected to arrive in early May.

        Before the Labour Day holiday, spot trades were relatively sluggish, with some traders less active due to month-end financial settlements. According to market sources, Glencore's Altonorte smelter is expected to extend its maintenance plan until May, with the specific end date of the maintenance yet to be determined. The market is concerned that the maintenance may affect the production of copper cathode in South America, exacerbating the current tight supply situation of copper. It was heard that traders were offering general pyrometallurgy prices at $120 for late May, with a QP in May. Domestic warrant offers were concluded at around $85-95, with a QP in May. It was difficult to find EQ offers in the middle to late May. Overall, spot trades were sluggish today. It should be noted that the backwardation structure of the nearby BC copper contract widened suddenly in the morning session, and the registered warrants in the bonded zone reached their lowest level.