On September 15, the average warrant price rose by $10/mt from the previous trading day to $110/mt (price range $105-115/mt); the average B/L price rose by $10/mt from the previous trading day to $110/mt (price range $110-120/mt); the average EQ copper (CIF B/L) price rose by $10/mt from the previous trading day to $65/mt (price range $60-70/mt), with quotations referencing cargoes arriving from September to early October.
The SHFE/LME price ratio continued to climb today. The LME October date contract shifted to a Contango structure against both the 3M contract and the November contract. Downstream demand recovered noticeably, while market supply remained relatively limited. In early trading, cargoes arriving in the near term were almost completely swept up, and spot premiums climbed rapidly. It was heard that last night registered pyrometallurgy B/Ls traded at $110/mt, and this morning registered pyrometallurgy warrants traded near $110/mt in early trading, with mainstream quotations around $110-130/mt. Near-month EQ copper cargoes were heard traded near $70/mt, and EQ copper cargoes arriving after mid-October were quoted at a mainstream price of around $65-75/mt.
