On July 20, the average warrant price rose $3/mt from the previous trading day to $103/mt (price range: $98-108/mt); the average B/L price rose $2/mt to $102/mt (price range: $96-108/mt); the average CIF B/L price for EQ copper remained flat from the previous trading day at $64/mt (price range: $60-68/mt), with quotes referencing cargoes arriving from mid-to-late July to mid-to-late August.
The SHFE/LME price ratio weakened on the day, but constrained by still tight availability of cargoes, domestic copper cathode inventories continued to decline. Sellers were scarce and maintained firm offers, while buyers and sellers remained locked in a tug-of-war, extending the supply-demand weakness. It was heard that registered B/L for late July arrival were offered at $110-120/mt, and a small quantity of EQ copper for late August arrival was offered at $80/mt.
![Copper Prices Continue to Rise, Copper Scrap Suppliers Actively Selling [SMM Secondary Copper Daily Review]](https://imgqn.smm.cn/usercenter/EFLYr20251217171714.jpeg)
![Supply deficit continues to materialize, and imported copper premiums keep hitting new highs for the year [SMM Yangshan Spot Copper]](https://imgqn.smm.cn/usercenter/tXxfd20251217171713.jpg)
