Copper Prices Rebound Overnight Amid Port Congestion

Copper prices rebounded overnight, pulling back the SHFE/LME price ratio. Despite this, mainstream quotations for copper remained relatively firm due to congestion at Shanghai port and a lack of registered warrants in the market.

Mainstream B/L quotations for registered copper arriving from late August to early September were around $95/mt, while registered warrants were quoted at around $95-100/mt. The price for EQ copper arriving in late August was around $45-50/mt, and for EQ copper arriving in September was around $50-60/mt.