Copper Prices Climb Amidst Limited Market Activity
Copper prices have been on the rise in recent days, but market activity was limited on September 8 due to an industry conference. The average warrant price rose by $3/mt from the previous trading day to $75/mt (price range: $70-80/mt), while the average B/L price remained flat at $75/mt. Copper prices were also affected by low domestic inventory, causing some quotes for September QP cargo to move higher.
However, market bids and offers were limited on September 8 due to sluggish demand and copper prices shooting up. Despite this, suppliers held firm with their offers, with quotes referencing September-arrival cargoes. The average EQ copper (CIF B/L) price was flat from the previous trading day at $55/mt, with some September-early September QP registered warrants quoted at around $90-100/mt yesterday afternoon.