The market maintains a weak supply-demand pattern, and physical transactions are sluggish [SMM Yangshan copper spot].

On July 15, the average warrant price was flat from the previous trading day at $90/mt (price range $85-95/mt); the average B/L price was flat at $89/mt (price range $83-95/mt); and the average price for EQ copper (CIF B/L) rose $1/mt from the previous trading day to $57/mt (price range $53-61/mt), with quotes referencing cargoes arriving from mid-July to mid-August.

The market continued to trade on the supply deficit logic, with destocking of China's social inventories, the opening of the near-term SHFE/LME price ratio window, and limited available cargoes supporting spot offers. However, downstream demand was generally limited, and actual transactions were sluggish today. It was heard today that offers for registered B/L for August arrival were at $95, and EQ copper arriving in mid-July was traded at $50/mt with QP July.