Copper Prices Stagnate Amid Unfavorable SHFE/LME Ratio

Copper prices continued to struggle in the week leading up to August 14, as the Shanghai Metals Market reported a sluggish market and diverging interests between buyers and sellers.

The SHFE/LME price ratio remained unfavorable, with the LME nearby backwardation structure steep. As a result, downstream buying interest was weak, while upstream sellers were hesitant to sell at low prices.

Mainstream quotations for August registered warrants were heard around $100/mt, and EQ copper was quoted at approximately $65/mt. The market's stalemate led to thin trading and a wider price range, with the average warrant price falling $5/mt to $90/mt from the previous day.