SHFE/LME price ratio deteriorated significantly, B/L prices declined, and re-export volume increased notably [SMM Yangshan spot copper]

        June 27, 2025 News: Today, warrant prices ranged from $30 to $44/mt, with QP in July, and the average price remained unchanged from the previous trading day. B/L prices ranged from $40 to $76/mt, with QP in July, and the average price fell by $7/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $0 to $10/mt, with QP in July, and the average price fell by $4/mt compared to the previous trading day. The offers were based on cargoes arriving in mid-to-early July.

        The SHFE/LME price ratio collapsed significantly during the day, with spot losses against the SHFE copper 2507 contract expanding to 3,000 yuan/mt, and July date losses against the SHFE copper 2507 contract expanding to 1,400 yuan/mt. Domestic warrants were heard to have closed at $30-55, with QP in July, and some transactions were completed. Domestically, smelters' shipments to the bonded zone have been arriving gradually. Domestic B/Ls arriving in early July were heard to have closed at $30-40, with a small volume of transactions completed and QP in July. EQ arriving in mid-to-early July was heard to have closed at $0-10, with QP in July. Australian brand B/Ls arriving in early July were heard to have closed at $120-130, with transactions completed at $120 and QP in July. South American brand B/Ls arriving in mid-July were heard to have closed at $280-290, with QP in July. Some traders were heard to be interested in shipping domestic warrants to Europe to exchange for locally registered CME brand copper cathode.