January 13, 2025: Today, warehouse warrant prices were $70-80/mt, QP January, with an average price up $2/mt WoW; B/L prices were $58-72/mt, QP February, with the average price unchanged WoW; EQ copper (CIF B/L) was $6-20/mt, QP February, with the average price unchanged WoW, with quotations referencing cargoes arriving in mid-to-late January and early February.
During the day, the SHFE/LME price ratio for the SHFE copper 2502 contract was around -485 yuan/mt, LME copper 3M-Feb was at C$52.84/mt, and the January 2501-February 2502 spread was around C$47.5/mt. Today's price ratio was unchanged from last Friday, with limited market offers and sluggish transactions. The main demand remained focused on cargoes arriving in early-to-mid February and bonded warehouse warrants.
Currently, the spot price for pyro high-quality copper warehouse warrants was $80/mt, mainstream pyro copper was $70/mt, and wet-process copper quotations were scarce; high-quality copper B/L was $72/mt, mainstream pyro copper was around $65/mt, and wet-process copper was $58/mt; CIF B/L EQ copper was $6-20/mt, with an average price of $13/mt.
