There are very few domestic B/L offers, while entrepôt trade is active within the day [SMM Shanghai spot copper]

Published: Jul 3, 2025 14:32

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July 3, 2025: Today, warrant prices ranged from $20 to $40/mt, with QP in July, and the average price remained basically flat compared to the previous trading day. B/L prices ranged from $32 to $66/mt, with QP in July, and the average price increased by $1/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from -$11 to $5/mt, with QP in July, and the average price remained basically flat compared to the previous trading day. The offers were based on cargoes arriving in mid-to-early July.

The SHFE/LME price ratio remained basically flat compared to yesterday. There were hardly any offers for domestic B/Ls in late July, while the offers and transactions for re-export B/L spot cargoes increased, leading to a more pronounced inversion between warrant and B/L prices. It was heard that domestic warrants were closed at $20-35, with some transactions in July. Domestic B/Ls arriving in early July were closed at $40, with QP in July. EQ arriving in mid-to-early July was heard to have been traded at (-$10)-$5, with QP in July. CCC-P arriving in mid-July was closed at $400, with transactions heard at $350, with QP in July. Overall, imports were sluggish, while offshore re-export transactions were active.

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