The SHFE/LME price ratio remains unadjusted, with a large volume of non-domestic B/Ls traded. [SMM Yangshan spot copper]

        June 25, 2025 News: Today, warrant prices ranged from $32 to $48/mt, with QP in July, and the average price remained unchanged from the previous trading day. B/L prices ranged from $50 to $82/mt, with QP in July, and the average price increased by $7/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $4/mt to $16/mt, with QP in July, and the average price remained unchanged from the previous trading day. Quotations were based on cargoes arriving in port from early to mid-July.

        Today, spot market transactions were concentrated on non-domestic B/Ls for July. As the SHFE/LME price ratio had not yet recovered, some smelters decided to increase exports, and transactions in the offshore market were relatively active compared to yesterday. It was heard that domestic warrants were quoted at $30-45, with a small volume of transactions at $30-40, with QP in July. It was difficult to find offers for domestic B/Ls arriving in port in early July. It was also difficult to find offers for EQ arriving in port from early to mid-July. B/Ls for Australian brands arriving in port in early July were quoted at $100-130, with transactions at $90-100, with QP in July. B/Ls for South American brands arriving in port in mid-July were traded at $200, with QP in July. Overall, the spot market was relatively active compared to yesterday, but not driven by import demand.