Copper Market Activity Remains Sluggish Amid Price Volatility

The Shanghai Metals Market reported sluggish transaction activity in the copper market on August 13. The average warrant price for copper fell to $95/mt, down from $96/mt the previous day.

Mainstream quotations for August registered warrants were heard at $100-105/mt, with a small volume transacted at $90-100/mt. This indicates that buyers and sellers still have relatively wide differences in their bids and offers.

The LME nearby backwardation structure narrowed, and the SHFE/LME price ratio recovered somewhat, prompting some suppliers to maintain a wait-and-see stance. However, downstream purchasing sentiment remained sluggish.