》View SMM Metal Quotes, Data, and Market Analysis
》Subscribe to View Historical Price Trends of SMM Metal Spot
This week (February 24-28), the weekly average price range of Yangshan copper premiums B/L transactions was $48.6-60.6/mt, QP March, with an average price of $54.6/mt, down $3.15/mt WoW. Warehouse warrants were $32.4-43.2/mt, with an average price of $37.8/mt, down $19/mt WoW, QP March. EQ copper CIF B/L was -$1.6/mt to $6.4/mt, with an average price of $2.4/mt, down $5.35/mt WoW, QP March. As of February 28, the SHFE/LME copper price ratio for the SHFE copper 2503 contract was 8.2, with an import profit/loss of approximately -1,000 yuan/mt. As of Friday, the LME copper 3M-Mar backwardation was $12.87/mt, and the February date to March date swap spread was $8.02/mt backwardation.
Currently, the spot price for pyro high-quality copper warehouse warrants is $40/mt, mainstream pyro is $35/mt, and hydrometallurgical is $30/mt. High-quality copper B/L is $63/mt, mainstream pyro is around $57/mt, and hydrometallurgical is $51/mt. CIF B/L EQ copper is -$4/mt to $4/mt, with an average price of $0/mt.
This week, the SHFE/LME price ratio remained low due to the LME structure shifting to backwardation, increasing suppliers' holding costs. Additionally, as domestic smelters gradually confirmed export plans, near-port cargoes and warehouse warrant premiums were halved. By the end of the week, warehouse warrant spot prices settled around $30/mt. Affected by expectations of a US tariff investigation, the LC price spread briefly recovered but returned to around $1,000/mt, with the spread expected to persist long-term. As a result, South American registered B/L prices rose against the trend, with the spread to warehouse warrants continuing to widen. Overall, market sentiment and expectations were largely consistent with last week, and the price spread is unlikely to recover before the SHFE/LME price ratio improves.
According to the SMM survey, as of Thursday (February 27), copper inventories in domestic bonded zones increased by 6,600 mt WoW to 45,400 mt compared to the previous period (February 20). Among them, Shanghai bonded inventory rose by 4,300 mt WoW to 37,300 mt, while Guangdong bonded inventory increased by 2,300 mt WoW to 8,100 mt. This week's increase in bonded zone inventory was still driven by domestic smelters' export arrivals. The export window remained open this week, with domestic smelters gradually confirming export plans. FOB cargo offers in bonded zones were active, and further export growth is expected. Bonded zone inventories are expected to continue increasing next week.
》View SMM Metal Industry Chain Database
