LME copper declines while SHFE/LME price ratio rebounds, with a notable increase in spot copper offers within the day [SMM Yangshan spot copper]

        June 12, 2025 News: Today, warrant prices ranged from $30/mt to $46/mt, with QP in June, and the average price remained unchanged from the previous trading day. B/L prices ranged from $48/mt to $72/mt, with QP in July, and the average price remained unchanged from the previous trading day. EQ copper (CIF B/L) prices ranged from $4/mt to $18/mt, with QP in July, and the average price remained unchanged from the previous trading day. Quotations referenced cargoes arriving in late June and early July.

        Today, the SHFE/LME price ratio showed a significant rebound, and market inquiries and offers became notably more active compared to previous days. The volume of B/L offers in early July increased, with overall premiums rebounding. It was recently heard that some EQ B/Ls were being rerouted to Europe, and supply in July is still expected to be tight. Domestic warrants were quoted at around $45-60 today, with a small volume of transactions heard at $40, QP in July. Domestic B/Ls arriving in early July were quoted at $60-80, QP in July. EQ arriving in early July was quoted at $20, QP in July. Overall, market transactions remained sluggish, but offers became significantly more active.