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Registered copper prices experienced a significant decline, while the SHFE/LME price ratio rebounded, signaling a return to trading logic. [SMM Yangshan Spot Copper]

  • Mar 31, 2025, at 1:50 pm
March 31, 2025: Today, the warrant price ranged from $67 to $73/mt, QP April, with the average price down by $3/mt compared to the previous trading day. The B/L price ranged from $92 to $100/mt, QP April, with the average price down by $5/mt compared to the previous trading day. EQ copper (CIF B/L) ranged from $32 to $42/mt, QP April, with the average price down by $3/mt compared to the previous trading day. The quoted price referred to cargoes arriving in the first and middle ten days of April. The SHFE/LME price ratio for SHFE copper 2504 contract was around -750 yuan/mt, while the LME copper 3M-Apr was at C$23.69/mt, and the spread between April date and May date swap fees was around C$22.81/mt. Today, the market offers and brands were significantly more abundant compared to last Friday, and the willingness to sell among market holders was higher. It was heard that EQ offers for mid-April arrivals were at $35-45/5QP, while domestic warrant offers continued to decline to around $70-75/5QP, and buyer counteroffers were heard to have reached a low of $60. It was heard that registered B/L offers for early April were at $80/4QP, with prices suddenly dropping but buyer purchase willingness remaining weak. Overall, the sentiment around tariff speculation has cooled down, and the market logic has become more focused on import profit/loss after the SHFE/LME price ratio rebounded. In the short term, the arrival of domestic B/Ls has led to a downward shift in the premium center.
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