July 1, 2025: Today, warrant prices ranged from $20 to $40/mt, with QP in July, and the average price remained unchanged from the previous trading day. B/L prices ranged from $30 to $66/mt, with QP in July, and the average price fell by $2/mt from the previous trading day. EQ copper (CIF B/L) prices ranged from -$7 to $5/mt, with QP in July, and the average price fell by $2/mt from the previous trading day. The offers were based on cargoes arriving in mid-to-early July.
During the day, the SHFE/LME price ratio improved slightly, the backwardation structure of the LME Cash-3M contract narrowed, and near-term positions were basically shifted backward. Spot offers and transactions recovered somewhat. It was heard that domestic warrants were closed at $20-35, with QP in July and some transactions completed; domestic B/Ls arriving in early July were closed at $40, with QP in July; EQ arriving in mid-to-early July were heard to be closed at (-$10)-$5, with QP in July. Overall, due to the significant decline in premiums, traders' willingness to purchase at lower prices increased.
