Late-Month B/L Offers Rise Against the Trend, Significant Divergence Between Buyers and Sellers Leads to Mixed Transactions [SMM Yangshan Spot Copper]

        February 11, 2025: Today's warehouse warrant prices ranged from $58/mt to $72/mt, QP February, with the average price unchanged from the previous trading day; B/L prices ranged from $54/mt to $68/mt, QP March, with the average price up by $4/mt compared to the previous trading day; EQ copper (CIF B/L) ranged from $4/mt to $18/mt, QP March, with the average price up by $1/mt compared to the previous trading day. The quotations referenced cargo arrivals in late February and early March.

        During the day, the SHFE/LME price ratio for the SHFE copper 2503 contract was around -200 yuan/mt. LME copper 3M-Feb was at C$106.49/mt, LME copper 3M-Mar was at C$65.49/mt, and the spread between February 2502 and March 2503 was around C$41/mt. The price ratio weakened during the day, and market offers were relatively quiet. However, demand for cargo arriving in mid-to-late February and March remained high, particularly for registered pyro B/Ls. There was a significant divergence between buyers and sellers, leading to a polarized market.

        Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $72/mt, mainstream pyro is $65/mt, and wet-process is $58/mt. High-quality copper B/Ls are priced at $68/mt, mainstream pyro at around $61/mt, and wet-process at $54/mt. CIF B/L EQ copper ranges from $4/mt to $18/mt, with an average price of $11/mt.