January 5, 2025: Today, warrant prices were $38-48/mt, QP January, with the average price down $8/mt from the previous trading day; B/L prices were $38-50/mt, QP February, with the average price down $3/mt from the previous trading day; EQ copper (CIF B/L) was $0-12/mt, QP February, with the average price down $1/mt from the previous trading day. Quotations referred to cargoes arriving in early to mid-January.
After the holiday, offers in the spot market were scarce. After entering January, smelters showed higher selling sentiment, and the warrant premium fell sharply under pressure. Warrant offers were heard at $30-40, QP January; transactions were concentrated around $20-25/mt, QP January. A small amount of pyrometallurgy B/L for arrival in early January was offered at $40-50/mt, QP January; EQ B/L for early January arrival was offered at $0, and morning trades for January-arrival EQ were heard at -$10 to $0, QP January; EQ B/L for late January arrival was offered at $10-20/mt, with transactions heard at $15, QP February.
