The widening LME-COMEX price spread attracts buyers to purchase spot cargo, with the intraday trading price spread widening [SMM Yangshan spot copper]

May 27, 2025 News: Today, warrant prices ranged from $90 to $98/mt, with QP June, and the average price increased by $1/mt compared to the previous trading day. B/L prices ranged from $98 to $120/mt, with QP June, and the average price increased by $4/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $72/mt to $82/mt, with QP June, and the average price remained unchanged compared to the previous trading day. Quotations were based on cargo arrivals in late May and early June.

Market transactions were active during the day. In the morning session, the LME-COMEX price spread was between $950 and $1,000/mt. Market buyers actively sought pyrometallurgical copper from origins such as South Korea, Chile, and Australia. It was heard that offers for domestic pyrometallurgical ER copper B/Ls among traders were around $90-100 in late May, with QP June, and buyers had weak purchase willingness for domestic warrant and B/Ls. General pyrometallurgical transactions were concluded around $100-120, with significant price differences influenced by factors such as brand or country of origin (COO). It was heard that some transactions among traders were concluded above $200, with QP June. Domestic warrants were quoted at around $90, with QP June. EQ B/Ls for cargo arrivals in early June were quoted at $80-85, with QP June. It was heard that buyers counter-offered at $60-70 at the end of the session, with some transactions concluded at QP June. Overall, market transactions were good, but it was noted that the transactions were not driven by downstream demand, and prices for EQ and domestic warrant and B/Ls pulled back.