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Fundamental Sentiment Expressed Tension Spot Copper Continues to Surge [SMM Yangshan Spot Copper]
Mar 20, 2025, at 5:49 am
March 20, 2025: Warrant prices were $60-70/mt, QP April, with the average price up by $5/mt from the previous trading day; B/L prices were $86-100/mt, QP April, with the average price up by $6/mt from the previous trading day. EQ copper (CIF B/L) was $30-40/mt, QP April, with the average price up by $5/mt from the previous trading day. The quotations referred to shipments arriving in mid-to-late March and early April.
Intraday, the SHFE/LME price ratio for imported copper against the SHFE 2504 contract was around -1,000 yuan/mt. LME 3M-Apr was at C$6.87/mt, and the carry between April date and May date widened to around C$8.06/mt. The market performance on the day was similar to that of the previous day, with sporadic offers and generally high real transactions heard. Holders' willingness to sell was extremely low, mainly supporting long-term contracts with limited supply.
Currently, the actual transaction price for high-quality ER copper warrants was $70/mt, mainstream pyrometallurgy at $65/mt, and hydrometallurgy at $60/mt. For high-quality copper B/L, the price was $100/mt, mainstream pyrometallurgy around $93/mt, and hydrometallurgy at $86/mt. CIF B/L EQ copper was $30-40/mt, with an average of $35/mt.
