EQ B/L premiums fell sharply, with some buyers restocking at lower prices [SMM Yangshan spot copper]

        June 4, 2025 News: Today, warrant prices ranged from $76 to $86/mt, with a QP (Quantity Period) in June. The average price fell by $4/mt compared to the previous trading day. B/L (Bill of Lading) prices ranged from $82 to $114/mt, with a QP in July. The average price fell by $2/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $38 to $54/mt, with a QP in July. The average price fell by $7/mt compared to the previous trading day. Quotations referenced cargoes expected to arrive in mid-to-late June.

        The market remained fragmented during the day, with significant differences between buyers and sellers. Premiums varied significantly among brands. Affected by the deterioration of the SHFE/LME price ratio, some smelters chose to expand their export scale opportunistically. Domestic warrant and B/L prices continued to fall, with EQ B/L premiums almost collapsing. It was heard that domestic pyrometallurgy ER copper B/L offers from traders in mid-June were around $85, with transactions concluded at $75-80, QP in July. General pyrometallurgy offers were at $120-140, with QPs in both June and July. Domestic warrant offers were around $70-80, with buyer counteroffers at $40-60, but no transactions were heard, QP in June and July. EQ B/L offers for cargoes expected to arrive in mid-June were at $40-60, QP in July, with buyer counteroffers at $20-30 and sporadic transactions heard. Overall, the market continued the trend from yesterday. Due to the poor SHFE/LME price ratio, buyers' purchase willingness was weak, but there was still a bullish sentiment towards forward premiums. Some traders chose to purchase at lower prices.