LME copper prices continue to climb, while the SHFE/LME price ratio pulls back and the offer price declines again [SMM Yangshan spot copper]

        On August 13, 2025: Today, warrant prices ranged from $40 to $54/mt, with a QP of August, and the average price remained unchanged from the previous trading day. B/L prices ranged from $48 to $60/mt, with a QP of September, and the average price remained unchanged from the previous trading day. EQ copper (CIF B/L) prices ranged from $20 to $32/mt, with a QP of September, and the average price remained unchanged from the previous trading day. Quotations were based on cargo arrivals in mid-to-late August and early September.

        The market returned to sluggishness during the day. It was heard that there was a downward trend in EQ B/L counteroffers. After registered B/Ls were gradually traded, the number of offers decreased, and suppliers shifted their focus to cargo arrivals in September. It was heard that pyrometallurgy warrants were quoted at $45-55, with actual transactions at $45, with a QP of September. Three-row B/Ls arriving in mid-to-late August and early September were heard to be quoted at $55-60, with actual transactions at $50-55, with a QP of September. EQ arriving in late August and early September was heard to be quoted at $20-28, with counteroffers at $0-10 failing to result in transactions, with a QP of September. Overall, due to the continuous rise in copper prices, the market's expectations for the August SHFE/LME price ratio were lowered, and sentiment for spot buying and selling weakened.