SHFE/LME Price Ratio Rises, Market Continues High Offers; Buyers and Sellers in Tug-of-war [SMM Yangshan Spot Copper]

On July 9, the average warrant price remained unchanged from the previous trading day at $82/mt (price range: $75-89/mt); the average B/L price remained unchanged at $82/mt (price range: $74-90/mt); the average price of EQ copper (CIF B/L) rose $2/mt from the previous trading day to $52/mt (price range: $47-57/mt), with quotes referencing cargoes arriving from July to mid-August.

Today, the SHFE/LME price ratio moved higher, and market spot supply remained tight. Coupled with the impact of recent typhoon weather, downstream users engaged in stockpiling, keeping premiums at elevated levels, but bids and offers from buyers and sellers continued to be in a tug-of-war. It was heard that yesterday, EQ copper for August arrival was traded at a high of $50/mt, and today, EQ copper for early July shipment was traded at $50/mt. It was also heard that today, registered B/L for late July arrival was offered at $100/mt, and EQ copper for late July to August was offered at around $60/mt.