January 17, 2025: Today's warehouse warrant prices were $71-81/mt, QP February, with the average price unchanged from the previous trading day; B/L prices were $56-70/mt, QP February, with the average price also unchanged from the previous trading day; EQ copper (CIF B/L) was $6-20/mt, QP February, with the average price unchanged from the previous trading day. The quotations referenced cargoes arriving in late January and early February.
During the day, the SHFE/LME price ratio for the SHFE copper 2502 contract was around -600 yuan/mt. LME copper 3M-Feb was at C$62.87/mt, and the spread between February and March contracts was around C$35/mt. The price ratio continued to deteriorate during the day, with few market offers. Post-holiday transactions were scattered, as expectations for weaker supply after the holiday persisted. The transaction center remained unchanged from the previous day.
Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $81/mt, with mainstream pyro at $71/mt, and wet-process copper quotations scarce. High-quality copper B/L prices were $70/mt, mainstream pyro at around $63/mt, and wet-process at $56/mt. CIF B/L EQ copper was $6-20/mt, with an average price of $13/mt.
