On July 9, 2025: Today, warrant prices ranged from $30 to $50/mt, with QP in July, and the average price increased by $11/mt compared to the previous trading day. B/L prices ranged from $50 to $80/mt, with QP in August, and the average price increased by $2/mt compared to the previous trading day. EQ copper (CIF B/L) prices ranged from $10/mt to $26/mt, with QP in August, and the average price increased by $8/mt compared to the previous trading day. The offers were based on cargoes arriving in mid-to-late July.
Today, Trump unexpectedly announced a 50% tariff on copper. The LME-COMEX price spread exceeded $2,500/mt during the trading session, significantly reducing import losses. As the backwardation structure of LME copper narrowed, trader activity increased. It was heard that EQ copper arriving in late July was traded at $20-30, with QP in August. Domestic warrants were offered at $45-60, with transactions occurring near $30-50, also with QP in August. No offers were heard for B/Ls from Japan and South Korea. Overall, market activity increased significantly, and transshipment B/L trading was largely suspended.
