SHFE/LME price ratio recovery, buyer's purchase willingness increases [SMM Yangshan spot copper]

        August 6, 2025 News: Today, warrant prices ranged from $40 to $52/mt, with a QP of August, and the average price remained unchanged from the previous trading day. B/L prices ranged from $50 to $64/mt, with a QP of September, and the average price increased by $1/mt from the previous trading day. EQ copper (CIF B/L) prices ranged from $16/mt to $28/mt, with a QP of September, and the average price remained unchanged from the previous trading day. The offers were based on cargoes arriving in mid-to-late August.

        The market was slightly sluggish compared to yesterday, but buyers and sellers remained active due to the improvement in the SHFE/LME price ratio. It was heard that pyrometallurgy copper warrants were offered at $40-50, with a small volume of transactions concluded at $45, QP September. B/Ls arriving in Japan and South Korea in mid-to-late August and early September were heard to be offered at $70-75, with no firm transactions reported, QP September. EQ arriving in late August and early September was heard to be offered at $30-35, with a small volume of transactions concluded at $30, QP September. Overall, the activity of buyers and sellers increased, and premiums recovered after hitting the bottom.