The SHFE/LME price ratio was poor in the morning session, with sluggish inquiries and offers, and market trading was thin [SMM Yangshan spot copper]

        On May 12, 2025: Today, warrant prices ranged from $96 to $106/mt, with QP in May, and the average price decreased by $2/mt compared to the previous trading day. B/L prices ranged from $108 to $126/mt, with QP in May, and the average price remained unchanged compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $72 to $84/mt, with QP in May, and the average price remained unchanged compared to the previous trading day. Quotations were based on cargoes expected to arrive in mid-to-late May.

        Today, the SHFE/LME price ratio did not decline, and downstream demand remained weak, resulting in sluggish market transactions and quiet offers. It was heard that among traders, domestic pyrometallurgy B/L offers for late May were at $110, with QP in June; general pyrometallurgy offers were at $130-140, with QP in June; domestic warrant transactions were concluded near $110, with QP in May; EQ B/L offers were hard to find. Overall, due to the expansion of the LME backwardation structure and the weak SHFE/LME price ratio, both buyers and sellers had low willingness to trade. Meanwhile, macro factors such as new developments in Sino-US trade may increase copper price volatility, adding to overall uncertainty.