February 28, 2025: Today's warehouse warrant price is $30-40/mt, QP March, with an average price down by $4/mt compared to the previous trading day; B/L price is $51-63/mt, QP March, with an average price up by $3/mt compared to the previous trading day; CIF B/L EQ copper is -$4/mt to $4/mt, QP March, with an average price unchanged compared to the previous trading day. The quotations refer to cargoes arriving in mid-to-early March.
During the day, the SHFE/LME price ratio for SHFE copper 2503 contract is around -1,100 yuan/mt, while LME copper 3M-Mar is in a backwardation of $12.87/mt, and March date to April date is in a backwardation of approximately $8.02/mt. Transaction prices for registered high-quality copper arriving in March remain firm, with South American copper offers scarce due to anticipated future tariffs. Overall, market activity is subdued, with both buyers and sellers showing caution.
Currently, the spot price for pyro high-quality copper warehouse warrants is $40/mt, mainstream pyro is $35/mt, and wet-process is $30/mt; high-quality copper B/L is $63/mt, mainstream pyro is around $57/mt, and wet-process is $51/mt; CIF B/L EQ copper is -$4/mt to $4/mt, with an average price of $0/mt.
