Most spot offers are based on warrants, and the willingness of buyers and sellers to conclude deals is weak [SMM Yangshan spot copper]

        July 28, 2025 News: Today, warrant prices ranged from $45 to $55/mt, with QP in August, and the average price remained unchanged from the previous trading day. B/L prices ranged from $58 to $72/mt, with QP in August, and the average price fell by $2/mt from the previous trading day. EQ copper (CIF B/L) prices ranged from $22 to $32/mt, with QP in July, and the average price fell by $2/mt from the previous trading day. The offers were based on cargoes arriving in mid-to-early August.

        During the day, the SHFE/LME price ratio remained within the import loss range. The market was dominated by warrant offers, with sporadic offers of registered B/Ls and EQ B/Ls, but transactions remained weak. It was heard that domestic warrant offers were at $50-60, with QP in August, but no transactions were heard. EQ offers arriving in mid-to-early August were heard at $25, with QP in August. General pyrometallurgy offers arriving in late July were at $65-80, with QP in August, but no transactions were heard. Overall, the market remained inactive for both buyers and sellers, similar to last week.