SMM

March 3, 2025: Today, warehouse warrant prices ranged from $30-40/mt, QP April, with the average price unchanged from the previous trading day; B/L prices ranged from $51-73/mt, QP March, with the average price up by $5/mt from the previous trading day. EQ copper (CIF B/L) ranged from -$4/mt to $4/mt, QP March, with the average price unchanged from the previous trading day. The quotations referenced cargo arrivals in mid-to-late March.
The SHFE/LME price ratio for the SHFE copper 2503 contract was around -850 yuan/mt. LME copper 3M-Mar was in BACK at $1.06/mt, and LME copper 3M-Apr was in Contango at C$3.59/mt. The March date to April date spread was around Back $4.65/mt. The SHFE/LME price ratio improved during the day, but premiums for warehouse warrants and EQ copper remained suppressed at low levels. On the B/L side, due to significant purchases by some traders, premiums for two South American brands surged and saw substantial transactions. The price spread between warehouse warrants and B/L was prominent.
Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $40/mt, mainstream pyro copper is $35/mt, and wet-process copper is $30/mt. High-quality copper B/L prices are $73/mt, mainstream pyro copper is around $62/mt, and wet-process copper is $51/mt. CIF B/L EQ copper ranges from -$4/mt to $4/mt, with an average price of $0/mt.