Although the SHFE/LME price ratio has not improved, market inquiries remain relatively active [SMM Yangshan spot copper]

        On July 21, 2025: Today, warrant prices ranged from $44 to $54/mt, with QP in August, and the average price remained unchanged from the previous trading day. B/L prices ranged from $56 to $76/mt, with QP in August, and the average price increased by $1/mt from 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 $1/mt from the previous trading day. The offers were based on cargoes arriving in late July and early August.

        At the end of last week, domestic copper cathode inventories saw a significant destocking. According to SMM, both imported and domestic arrivals were limited. Although the SHFE/LME price ratio did not improve during the day, traders were still actively seeking cargoes arriving in late July. It was heard that domestic warrants were offered at 45-55$, with a small amount of transactions at 55$, QP in August. Due to the impact of domestic trade, the price spread between brands was relatively high. It was heard that EQ copper arriving in early August was offered at 50$, with actual transactions at 30$, QP in August. It was difficult to find offers for general pyrometallurgical copper arriving in late July. Overall, there were still relatively few offers in the spot market, but buyers were actively seeking cargoes.