Weakening copper prices boost consumption demand; limited cargo availability at Lingang prompts cautious downstream restocking [SMM Yangshan spot copper]

On November 4, the average warrant price rose by $5/mt from the previous trading day to $205/mt (price range: $190-220/mt); the average B/L price rose by $5/mt from the previous trading day to 195 yuan/mt (price range: 180-210 yuan/mt); the average EQ copper (CIF B/L) price rose by $4/mt from the previous trading day to $98/mt (price range: $94-102/mt), with quotes referencing cargoes arriving from November to early December.

Today's decline in copper prices boosted downstream consumption demand. With low domestic inventory, domestic trade spot premiums surged, boosting the near-term SHFE/LME price ratio. However, spot imported copper supply near ports and in warrants is currently scarce, and downstream buyers remain cautious about forward-month cargoes, showing limited acceptance of high premiums, with few actual transactions at elevated premiums. It was heard that registered ER copper B/Ls were quoted at $200-250/mt today, with mainstream EQ copper arriving in late November to early December trading around $100/mt.