Significant Price Spread Differences Among Brands, Transactions Hard to Find in Early Market [SMM Yangshan Spot Copper]

On June 1, the average warrant price fell by $1/mt from the previous trading day to $69/mt (price range: $65-73/mt); the average B/L price fell by $1/mt from the previous trading day to $70/mt (price range: $66-74/mt); the average EQ copper (CIF B/L) price fell by $2/mt from the previous trading day to $39/mt (price range: $34-44/mt), with quotes referencing cargoes arriving in June and early July.

Intraday market offers showed notable divergence. COMEX registered B/Ls, due to the persistently elevated COMEX-LME price spread (recently sustained above $400/mt), were quoted as high as $150/mt (QP July, ETA month-end June), with limited purchase willingness from buyers. For mainstream brands, EQ cargoes arriving in early June were quoted at $45/mt (QP June), with significant premium differentiation among brands. On the SHFE/LME price ratio front, SHFE copper fluctuated at highs within the 103,000-106,000 yuan/mt range, while LME three-month copper was recently quoted around $13,600/mt. The SHFE/LME copper price ratio was slightly weak, with the import window largely at a marginal loss or breakeven level, suppressing mainstream B/L buying interest, and overall trading remained sluggish.