March 10, 2025: Today, warehouse warrant prices were $45-55/mt, QP March, with the average price unchanged WoW; B/L prices were $68-90/mt, QP April, with the average price up $3/mt WoW. EQ copper (CIF B/L) was $10-20/mt, QP March, with the average price up $1/mt WoW, with quotations referencing cargo arrivals in mid-to-late March and early April.
During the day, the SHFE/LME price ratio for the SHFE copper 2503 contract was around -1,100 yuan/mt. LME copper 3M-Mar was at B$5.9/mt, LME copper 3M-Apr was at B$5.97/mt, and the spread between March and April dates was around C$0.07/mt. Suppliers were not very active in offering quotes during the day, and market sentiment cooled significantly compared to last Friday. Scattered offers for domestic warehouse warrants and EQ were heard, but transactions were scarce.
Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $55/mt, mainstream pyro is $50/mt, and wet-process is $45/mt. High-quality copper B/L is $90/mt, mainstream pyro is around $76/mt, and wet-process is $68/mt. CIF B/L EQ copper is $8-20/mt, with an average price of $14/mt.
