LME destocking slows down, while the SHFE/LME price ratio continues to recover, attracting an increase in transactions [spot copper at Yangshan Port, SMM]

        July 2, 2025 News: Today, warrant prices ranged from $20 to $40/mt, with QP in July, and the average price remained unchanged from the previous trading day. B/L prices ranged from $30 to $66/mt, with QP in July, and the average price remained unchanged from the previous trading day. EQ copper (CIF B/L) premiums ranged from -$11 to $5/mt, with QP in July, and the average price remained unchanged from the previous trading day. The offers were based on cargoes arriving in mid-to-early July.

        The SHFE/LME price ratio continued to improve during the day. LME warehouse data showed an increase in newly registered warrant inflows over the past two days, with the first batch of export cargoes attracting a recovery in the price ratio. Spot offers and transactions increased, but spot premiums did not improve. It was heard that domestic warrants were offered at $20-35, with some transactions closed at QP in July. Domestic B/Ls for cargoes arriving in early July were offered at $40, with QP in July. It was heard that EQ cargoes arriving in mid-to-early July were traded at (-$10)-$5, with QP in July. Overall, market activity increased.