Copper Market Quiet Due to Unfavorable Price Ratio

The Shanghai Metals Market (SMM) reported that the market atmosphere for copper was quiet on August 10, due to an unfavorable SHFE/LME price ratio. This led to more wait-and-see attitudes among market participants. The average warrant price and average B/L price remained flat from the previous trading day at $101/mt and $97/mt, respectively.

The SMM also mentioned that some market participants in Shanghai and other places worked from home due to typhoon weather. This, combined with the weak SHFE/LME price ratio, contributed to a relatively quiet morning session. It was noted that B/L warrants for late August arrival were offered at $100/mt, while EQ copper for late August arrival was priced at $70/mt.