Intraday trading volume warmed up compared to yesterday, while offers pulled back, and initial market divergence emerged [SMM Yangshan spot copper]

        On May 13, 2025: Today, warrant prices ranged from $96/mt to $106/mt, with QP in May, and the average price remained unchanged from the previous trading day. B/L prices ranged from $108/mt to $126/mt, with QP in May, and the average price remained unchanged from the previous trading day. EQ copper (CIF B/L) prices ranged from $72/mt to $84/mt, with QP in May, and the average price remained unchanged from the previous trading day. Quotations were based on cargoes expected to arrive in mid-to-late May.

        Today's market transactions improved compared to yesterday, with market participants' divergence on the future premium trend widening. Due to the narrowing LC price spread and the contraction of the LME backwardation structure, some suppliers actively sold their positions after taking profits. However, the tight balance in Asia and the shortage of EQ copper made it difficult for the transaction center to decline, with Yangshan copper premiums currently stagnating at high levels. It was heard that traders were offering domestic pyrometallurgy ER copper B/Ls at $110 for late May, with QP in June; general pyrometallurgy transactions were concluded around $120, with QP in June; domestic warrant transactions were concluded around $100, with QP in June; EQ B/L transactions were heard to be concluded at $90, with QP in June; EQ B/Ls expected to arrive in early June were quoted at $95, with QP in June. According to SMM, there have been rumors of production cuts at a smelter in Asia recently, and attention should be paid to the circulation of major brands in the future market.