Offers Remain Firm Driven by Rigid Demand, With Recent Supply Staying High [SMM Yangshan Spot Copper]

December 30, 2024: Today's warehouse warrant prices ranged from $63/mt to $77/mt, QP January, with the average price unchanged from the previous trading day; B/L prices ranged from $59/mt to $73/mt, QP January, with the average price up by $1/mt from the previous trading day; EQ copper (CIF B/L) ranged from $13/mt to $27/mt, QP January, with the average price unchanged from the previous trading day, with quotations referencing cargoes arriving in early January.

During the day, the SHFE/LME price ratio for SHFE copper 2501 contract was around +23 yuan/mt, LME copper 3M-Jan was at C$82.86/mt, and the 2501-month date to 2502-month date was around C$43/mt. Before the New Year's holiday, some suppliers were less active in spot business due to holidays and bank settlements. There were fewer offers. However, downstream demand was urgent, leading to higher offers for near-port-date B/L and warehouse warrants. EQ B/L quotations rose accordingly, but overall transactions remained inactive.

Currently, pyro high-quality copper warehouse warrant offers are above $80/mt, with actual transaction prices at $77/mt, mainstream pyro at $70/mt, and wet-process at $63/mt; high-quality copper B/L at $73/mt, mainstream pyro around $67/mt, and wet-process at $59/mt; CIF B/L EQ copper ranged from $13/mt to $27/mt, with an average price of $20/mt.