The SHFE/LME price ratio performed moderately, and B/L transactions improved to some extent. [SMM Yangshan Spot Copper]

December 17, 2024: Today, warehouse warrant prices were $48-62/mt, QP January, with an average price up by $1/mt compared to the previous trading day; B/L prices were $38-52/mt, QP January, with an average price up by $3/mt compared to the previous trading day; EQ copper (CIF B/L) was $3-17/mt, QP January, with an average price up by $3/mt compared to the previous trading day, with quotes referencing mid-to-late December arrivals.

During the day, the SHFE/LME price ratio for SHFE copper 2501 contract was around +20 yuan/mt, LME copper 3M-Jan was at C$76.79/mt, and the 2501-month date to 2502-month date was around C$44/mt. The SHFE/LME price ratio performed moderately during the day. Suppliers were highly active in offering B/L, and downstream buyers took the opportunity to purchase, resulting in moderate B/L transactions. On the warehouse warrant side, most suppliers had no inventory left, and market procurement demand was generally weak, leading to limited overall transactions. Overall, market supply was tight, and transactions were moderate.

Currently, pyro high-quality copper warehouse warrant prices are $62/mt, mainstream pyro $55/mt, and wet-process $48 yuan/mt; high-quality copper B/L prices are $52/mt, mainstream pyro around $45/mt, and wet-process $38/mt; CIF B/L EQ copper is $3-17/mt, with an average price of $10/mt.