On June 29, the warrant average price rose $1/mt from the previous trading day, settling at $68/mt (price range $64-72/mt); the B/L average price remained flat from the previous trading day, settling at $69/mt (price range $64-74/mt); the EQ copper (CIF B/L) average price rose $3/mt from the previous trading day, settling at $41/mt (price range $37-45/mt), with quotes referencing arrivals in early July.
During the day, the SHFE/LME price ratio weakened, and with trading relatively concentrated last week, today's market activity was sluggish, with only a very few spot cargo offers.
![This week, China’s copper social inventory re-entered an inventory buildup trend [SMM weekly data]](https://imgqn.smm.cn/usercenter/CaLPF20251217171713.jpg)
