Spot cargo transactions were hard to come by in the morning market. Although the SHFE/LME price ratio was favorable, buyer sentiment remained weak. [SMM Yangshan spot copper]

        On May 19, 2025: Today, warrant prices ranged from $90 to $100/mt, with QP June, and the average price remained unchanged from the previous trading day. B/L prices ranged from $102 to $120/mt, with QP June, and the average price remained unchanged from the previous trading day. EQ copper (CIF B/L) prices ranged from $74 to $86/mt, with QP June, and the average price remained unchanged from the previous trading day. Quotations were based on cargoes expected to arrive in mid-to-late May.

        This week, an important industry conference was held, and trading in the US dollar copper market was weak. It was heard that among traders, offers for domestic pyrometallurgy B/Ls in late May were around $110, with firm offers at $90-95, QP June. General pyrometallurgy offers were around $110-115, QP June. Domestic warrant offers were around $95-100, QP June, with a small volume of transactions concluded at $100, QP June. Offers for EQ B/Ls expected to arrive in early June were reported at $80-90, with buyer counteroffers at $60-70, QP June. There was still a significant gap between buyers and sellers, making it difficult to conclude transactions. Overall, the market was paying close attention to cargo arrivals in late May. Although the SHFE/LME price ratio had improved, premiums continued to show a downward trend.