Sluggish spot order market amid weak supply and demand, with buyers' counter-offers continuing to decline and few deals concluded [SMM Shanghai spot copper]

       June 5, 2025 News: Today, warrant prices ranged from $75 to $83/mt, with a QP (quality premium) in June. The average price fell by $2/mt compared to the previous trading day. B/L prices ranged from $82 to $114/mt, with a QP in July. The average price remained unchanged from the previous trading day. ER copper (CIF B/L) prices ranged from $38 to $54/mt, with a QP in July. The average price remained unchanged from the previous trading day. Quotations were based on cargoes expected to arrive in mid-to-late June.

        The market was sluggish during the day, with buyers' counter-offers remaining low and offers scarce. Both buyers and sellers were inactive. Inventories in bonded zones stopped falling and rebounded during the week, while warrant prices continued to decline. It was heard that among traders, domestic pyrometallurgy B/L offers were around $80 in mid-June, with transactions concluded at $75-80, QP in July. General pyrometallurgy offers were at $120-150, with QPs in both June and July. Some CME-registered brands were traded at $150-220, QP in July. It was heard that three-row B/Ls for cargoes arriving in June were offered at $300, QP in July, but the price spread was too large, and transactions were difficult to replicate. Domestic warrants were offered at around $70-80, with buyers' counter-offers at $40-60, but no transactions were heard of, QP in June-July. EQ B/Ls for cargoes arriving in mid-June were offered at $40, QP in July, with buyers' counter-offers heard to be in the single digits. The large price spread made transactions difficult. Overall, both supply and demand in the market were weak, and the price spread was too fragmented.