August 19, 2025: Warrant prices were $42-54/mt, QP August, with the average price unchanged from the previous trading day; B/L prices were $46-60/mt, QP September, also unchanged on average. EQ copper (CIF B/L) was at $20-30/mt, QP September, with the average price remaining stable, referencing cargoes arriving in late August and mid to early September.
The SHFE/LME price ratio improved during the day. Early market offers were relatively high, but buyers' purchase prices showed no significant difference from yesterday, and transactions improved compared to the previous day. During the day, it was heard that pyrometallurgy warrants closed at $45-50, with actual deals done at $45, QP September; Japan and South Korea B/Ls for arrivals in mid to late August were heard offered at $55-65, with actual deals done at $45-55, QP September; three batches of pyrometallurgy B/Ls for arrivals in early September were offered at $65-75, QP September-October. EQ B/Ls for arrivals in mid to late August were offered at $25-30, with some deals done at $25. Overall, the market showed a continuous recovery trend due to the improvement in the price ratio, and there is upside room for Yangshan copper premiums.
