On July 17, the average warrant price rose by $5/mt from the previous trading day to $100/mt (price range: $95-105/mt); the average B/L price rose by $5/mt to $100/mt (price range: $95-105/mt); the average price of EQ copper (CIF B/L) rose by $4/mt to $64/mt (price range: $60-68/mt), with quotes referencing cargoes arriving from mid-to-late July to mid-to-late August.
Against the backdrop of the North American siphoning effect and production disruptions in Africa due to rising production costs, the market continued to trade on the narrative of a shortage of available cargoes in the short term. The SHFE/LME price ratio recovered somewhat today, and suppliers, still bullish on the forward ratio and premiums, held back from selling. There were only a few seller offers in the market, and they were raised further. Today, some registered B/Ls for arrival in late July were heard offered at $110-120/mt, and a small amount of EQ copper was heard offered at $80/mt.
![Inventory destocking combined with widening backwardation pushes Shanghai spot copper premiums to a new high for the year [SMM Shanghai Spot Copper Weekly Review]](https://imgqn.smm.cn/usercenter/IHqPw20251217171709.jpg)
