Market Sluggish Under High Backwardation Structure, Few Deals in Spot Market [SMM Yangshan Spot Copper]

        June 24, 2025 News: Today, warrant prices ranged from $32 to $48/mt, with QP July, and the average price remained unchanged from the previous trading day. B/L prices ranged from $50 to $68/mt, with QP July, and the average price fell by $1/mt from the previous trading day. EQ copper (CIF B/L) prices ranged from $4 to $16/mt, with QP July, and the average price fell by $1/mt from the previous trading day. The quotes were based on cargoes arriving at ports in the first half to mid-July.

        Today, there were almost no transactions in the spot market. Both buyers and sellers postponed their pricing to QP August, and the market was extremely sluggish in the short term. The offers were largely unchanged from yesterday. Scattered reports indicated that domestic warrants were closed at $45-50, with QP July. There were hardly any offers for domestic B/Ls arriving at ports in the first half of July. EQ arriving at ports in the first half of July was closed at $10-20, with no transactions reported, and QP July. Some non-domestic registered B/Ls arriving at ports in the first half of July were closed at $100-130, with QP July. Overall, the spot market was sluggish this week, with both buyers and sellers adopting a wait-and-see attitude.