Spot offers decline with few transactions; market performance is inactive today [SMM Yangshan spot copper]

        May 29, 2025 News: Today, warrant prices ranged from $82 to $96/mt, with a QP (Quantity Period) of June, and the average price remained unchanged from the previous trading day. B/L prices ranged from $90 to $120/mt, with a QP of June, and the average price fell by $1/mt from the previous trading day. EQ copper (CIF B/L) prices ranged from $60 to $74/mt, with a QP of June, and the average price fell by $3/mt from the previous trading day. The quotes were based on cargoes expected to arrive in early June.

        The market was sluggish during the day, with fewer offers from suppliers. Downstream buyers were also reluctant to make purchases, and market offers gradually approached previous transaction levels. However, due to the poor SHFE/LME price ratio, it was difficult to secure transactions. It was heard that domestic pyrometallurgy ER copper B/L offers from traders were around $85-95 in late May, with a QP of June. Offers for general pyrometallurgy copper were hard to find. Domestic warrant offers closed at around $85, with a QP of June. Offers for EQ B/Ls expected to arrive in early June were reported at $60-65, with a QP of June. Overall, market transactions weakened. This week, inventory in bonded areas continued to decline, but the rate of decline slowed down marginally. It is expected that there is still downside room for the premium of imported copper, but supply will remain tight in May-June, with strong bottom support.