The import window is wide open, and spot trade is active. Tight supply of spot orders in the latter half of the month pushes up premiums [SMM Shanghai spot copper]

        July 15, 2025 News: Today, warrant prices ranged from $44 to $56/mt, with QP in August, and the average price increased by $3/mt compared to the previous trading day. B/L prices ranged from $56 to $76/mt, with QP in August, and the average price increased by $3/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $22 to $36/mt, with QP in July, and the average price increased by $5/mt compared to the previous trading day. The quotes referenced cargo arrivals in late July and early August.

        Last night, the import window opened, and spot trade activity was robust. A large number of traders actively sought cargo arrivals in late July and early August for registered and EQ B/Ls, leading to a continued increase in the US dollar copper premium compared to yesterday. It was heard that domestic B/Ls for cargo arrivals in early July were quoted at $60-70, with counteroffers at $60, and QP in August. It was heard that EQ transactions for cargo arrivals in late July were concluded at $25-40, with QP in August. CCC-P, ENM and ILO pyrometallurgy prices for cargo arrivals in late July were quoted at $80-90, with transactions concluded at $70-75, and QP in August. Overall, traders and downstream enterprises were actively seeking cargo, and B/L cargo availability was tight.