On May 14, 2025: Today, warrant prices ranged from $95 to $105/mt, with a QP (Quantity Period) in June, and the average price decreased by $1/mt compared to the previous trading day. B/L (Bill of Lading) prices ranged from $108 to $122/mt, with a QP in June, and the average price decreased by $2/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $76 to $88/mt, with a QP in June, and the average price increased by $4/mt compared to the previous trading day. The quotations were based on cargo arrivals expected in mid-to-late May.
The SHFE/LME price ratio performed poorly in the morning session, with a loss of $600/mt for imported copper against the SHFE copper 2406 contract. Both warrant and B/L offers declined, as the registered copper offers fell due to an expected increase in port arrivals in late May (mainly LME cancelled B/Ls). It was heard that among traders, domestic pyrometallurgy B/L offers were at $110, with a QP in June, in late May; general pyrometallurgy offers were around $115-120, with a QP in June; domestic warrant offers were around $100-105, with a QP in June; and EQ B/L offers were at $90, with a QP in June. Overall, in the short term, the registered copper premiums declined due to the deterioration of the price ratio, while EQ copper remained firm.
