Intraday offers remain sluggish, and spot premiums are basically flat compared to yesterday [SMM Yangshan spot copper]

        July 22, 2025 News: 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 remained unchanged 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 remained unchanged from the previous trading day. The offers were based on cargoes arriving in late July and early August.

        There were still relatively few spot offers during the day, and spot order cargoes were in short supply from late July to early August. It was heard that domestic warrant offers were closed at $45-60, with a small amount of transactions closed near $50, with QP in August. It was heard that EQ copper arriving in mid-to-early August was offered at $35, with actual transactions closed near $30, with QP in September. General pyrometallurgy copper arriving in late July was offered at $70-80, with no transactions heard, with QP in August. Overall, the expansion of the LME contango structure reduced suppliers' willingness to sell, and the US dollar copper market remained sluggish before the import window opened significantly.