EQ offers plummet, Yangshan copper premiums decline across the board [SMM spot copper at Yangshan]

Published: May 30, 2025 17:48

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May 30, 2025 News: Today, warrant prices ranged from $82 to $90/mt, with a QP (Quantity Period) of June. The average price fell by $3/mt compared to the previous trading day. B/L prices ranged from $90 to $110/mt, with a QP of June. The average price fell by $5/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $50 to $60/mt, with a QP of June. The average price fell by $12/mt compared to the previous trading day. Quotations were based on cargoes arriving in early June.

During the day, EQ offers plummeted. The market was mainly focused on inquiries in the morning session. Buyers drove down prices significantly, leading to a clear divergence between buying and selling premiums, and trading activity was sluggish. It was heard that among traders, offers for domestic pyrometallurgy B/Ls in early June were around $85-95 with no counteroffers, with a QP of June. General pyrometallurgy offers were at $110, with a QP of June. Domestic warrants closed at around $85, with a transaction heard at $75, with a QP of June. Offers for EQ B/Ls arriving in early June were reported at $40-45, with a QP of June. Additionally, there were EQ offers of $60 for cargoes arriving in late June, with a QP of July. Overall, QP copper prices fell sharply. The market expects buying activity to pick up after the holiday, taking advantage of lower prices. If the SHFE/LME price ratio gradually improves, Yangshan copper premiums will find support at low levels.

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