On May 26, the average warrant price decreased by $2/mt from the previous trading day, closed at $71/mt (price range $66-76/mt); the average B/L price decreased by $1/mt from the previous trading day, closed at $72/mt (price range $68-76/mt); the average EQ copper (CIF B/L) price fell by $1/mt from the previous trading day, closed at $42/mt (price range $38-46/mt), with quotations referencing cargoes arriving in late May and early June.
The SHFE/LME price ratio weakened during the day. Some suppliers sold off EQ B/L arriving in the near term. Bonded warrant circulation was limited and prices remained relatively stable, but overall still declined. It was heard that a small volume of ER copper B/L arriving in early June was quoted at $80/mt, QP May; early June EQ B/L was offered at $50-55/mt, and EQ B/L arriving in late May was quoted at $50/mt, QP May-June. Standard ER copper warrants for delivery within this week were quoted at $80-85/mt, with a small volume transacted at $75/mt, QP June.
