On August 5, the average warrant price fell by $4/mt from the previous trading day to $106/mt (price range: $100-112/mt); the average B/L price also fell by $4/mt to $101/mt (price range: $95-107/mt); the average price for EQ copper (CIF B/L) dropped by $3/mt to $68/mt (price range: $64-72/mt), with quotations referencing cargoes arriving in August.
The SHFE/LME price ratio deteriorated further today, coupled with a continuing widening of the nearby backwardation structure. Seller offerings increased but were quoted at relatively high levels, while the rise in copper prices dampened downstream buying interest. Market demand was sluggish, and buyers and sellers remained divided, resulting in limited actual transactions and a downward shift in the center of transaction premiums. It was heard that mainstream quotations for EQ copper arriving in August were $65-75/mt, and for registered B/L arriving in August were $105-110/mt.
![Inventory dropped, suppliers held prices firm, but downstream purchased cautiously [SMM South China spot copper]](https://imgqn.smm.cn/usercenter/vcsIC20251217171710.jpg)
![High copper prices dampen purchasing, and sluggish trading drags down North China spot premiums [SMM North China Copper Spot]](https://imgqn.smm.cn/usercenter/EFLYr20251217171714.jpeg)
