Copper Prices Plummet on August 7 Amid Weak Demand and Deteriorating Price Ratio

The Shanghai Metals Market reports that on August 7, the average warrant price for copper fell by $3/mt to $101/mt (price range: $95-107/mt), while the average B/L price decreased by $3/mt to $97/mt (price range: $90-104/mt).

The average price for EQ copper (CIF B/L) also dropped by $2/mt to $65/mt (price range: $60-70/mt), with quotations referencing cargoes arriving from August to early September.

As the SHFE/LME price ratio continued to deteriorate, the market was mostly cautious, with quiet bids and offers. The spot premium pulled back in stages due to weak consumption demand and some export cargoes weighing on prices. Traders' psychological price expectations trended lower as a result.