On June 24, the average warrant price rose by $3/mt from the previous trading day to $63/mt (price range: $60-70/mt); the average B/L price increased by $4/mt to $67/mt (price range: $62-72/mt); the average price for EQ copper (CIF B/L) gained $3/mt to $35/mt (price range: $32-38/mt), with offers referencing cargo arriving in early July.
Overnight, the SHFE/LME price ratio recovered, boosting buyer pricing demand. Morning market demand was relatively strong, with spot premiums showing an uptrend. Early-July-arrival EQ B/Ls were heard offered around $45/mt, while a small volume of late-June-arrival EQ cargoes was reported traded above $35/mt. Registered B/Ls for early-July arrival were heard quoted at $70-75/mt, and registered warrants for early-July delivery were reported traded at $70/mt.
