Although the SHFE/LME price ratio recovered during the day, downstream buying interest remained weak and it was difficult to find deals in the market [SMM Yangshan spot copper]

        July 4, 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 $34 to $70/mt, with QP in July, and the average price increased by $3/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from -$11 to $7/mt, with QP in July, and the average price increased by $1/mt compared to the previous trading day. The offers were based on cargoes arriving in mid-to-early July.

        Today, the SHFE/LME price ratio recovered, but the spot market remained sluggish, with limited spot order transactions. Affected by the upcoming release of the US mid-term investigation report on copper tariffs, traders mostly adopted a wait-and-see sentiment. There were few offers for domestic warrants during the day. Domestic B/Ls arriving in early July were closed at $40, with counteroffers at $35, QP in July. EQ B/Ls arriving in mid-to-early July were heard to have been traded at (-$10)-$5, QP in July. South Korean B/Ls arriving in mid-July were offered at $300-330, with sporadic transactions above $200, QP in July. Overall, the market remained sluggish, with downstream buyers not showing much activity.