On July 30, the average warrant price remained flat from the previous trading day, quoted at $112/mt (price range $108-116/mt); the average B/L price was unchanged, quoted at $107/mt (price range $104-110/mt); the average price for EQ copper (CIF B/L) stayed flat, quoted at $75/mt (price range $70-80/mt), with quotations based on cargoes arriving in August.
The SHFE/LME price ratio continued to recover today. Offers for registered B/L arriving in August increased in the market, mainly for Chinese-registered brands that had been canceled from LME warehouses and shipped to China. However, downstream players showed fear of high prices, and buyers and sellers remained in a tug-of-war. It was heard today that mainstream quotations for registered B/L arriving in August were around $120/mt, registered warrants were quoted at $120-125/mt, and mainstream quotations for EQ copper arriving from August to early September were at $75-85/mt.
![Copper social inventory consolidated during the week, with total inventory lower YoY [SMM weekly data]](https://imgqn.smm.cn/usercenter/XBbTq20251217171709.jpg)
![Low Inventory Support Remains, Shanghai Spot Copper Premiums Consolidate and Pull Back [SMM Shanghai Spot Copper Weekly Review]](https://imgqn.smm.cn/usercenter/SiNDH20251217171711.jpg)
