Entering Month-End, Wait-and-See Sentiment Is Strong, and the Market Is Relatively Quiet [SMM Yangshan Spot Copper]

The average warrant price on July 29 remained flat from the previous trading day, reported at $112/mt (price range of $108-116/mt); the average B/L price stayed unchanged from the previous trading day, reported at $107/mt (price range of $104-110/mt); the average price for EQ copper (CIF B/L) was unchanged from the previous trading day, reported at $75/mt (price range of $70-80/mt), with quotations referencing cargoes arriving in August.

Approaching month-end, although the SHFE/LME copper price ratio improved somewhat today, the market's wait-and-see sentiment was strong, and activity remained low. Buyers and sellers differed on quotations, resulting in few actual spot transactions. Today, it was heard that registered B/Ls for arrival in early August were offered at $120/mt, registered warrants were offered at $120/mt, and mainstream quotations for EQ copper arriving from August to early September were $75-85/mt.