EQ B/L premiums remain firm, while the inverted situation of warehouse B/Ls weakens [SMM Shanghai spot copper]

        July 10, 2025 News: Today, warrant prices ranged from $40 to $50/mt, with QP in July, and the average price increased by $5/mt compared to the previous trading day. B/L prices ranged from $50 to $74/mt, with QP in August, and the average price decreased by $3/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $14 to $30/mt, with QP in August, and the average price increased by $4/mt compared to the previous trading day. The quotes were based on cargoes arriving in mid-to-late July.

        Since yesterday afternoon, market transactions have been brisk, with intra-day transactions mainly concentrated on EQ B/Ls and bonded warrants. Due to the significant contraction of the LME backwardation structure, the activity of traders has increased notably. It was heard that EQ B/Ls arriving in late July were traded at $20-25, with QP in August. Domestic warrants were quoted at $55-60 and traded around $50, with QP in August. B/Ls from Japan and South Korea were quoted at $80 but saw few transactions. Overall, the price spread of B/Ls narrowed, the inversion between warrant and B/L prices weakened, and EQ B/L prices remained firm.