The SHFE/LME price ratio fluctuates, spot supply is tight, and suppliers have a strong wait-and-see sentiment [SMM Yangshan spot copper]

        On July 17, 2025: Today, warrant prices ranged from $44 to $54/mt, with QP in August, and the average price fell by $1/mt compared to the previous trading day. B/L prices ranged from $56 to $74/mt, with QP in August, and the average price fell by $1/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $22 to $34/mt, with QP in July, and the average price fell by $1/mt compared to the previous trading day. Offers were based on cargo arrivals in late July and early August.

        The spot market remained similar to yesterday. Due to tight spot supply, suppliers' offers were high, while buyers' acceptance was low, making it difficult to find transactions during the day. It was heard that domestic B/Ls arriving in early July were offered at $60, with counteroffers at $55, and QP in August. EQ arriving in early August was heard to be offered at $45, with actual transactions at $30, and QP in August. General pyrometallurgy arriving in late July was heard to be offered at $80-85, with QP in August, but no transactions were heard. Overall, the spot market was sluggish, and most suppliers chose to wait and see the SHFE/LME price ratio.