During the week, the SHFE/LME price ratio and structure remained unfavorable, with the market sluggish and buyers and sellers at a stalemate [SMM Yangshan Spot Copper].

On August 14, the average warrant price fell $5/mt from the previous trading day to $90/mt (price range: $80-100/mt); the average B/L price fell $5/mt from the previous trading day to $90/mt (price range: $80-90/mt); the average EQ copper (CIF B/L) price fell $2/mt from the previous trading day to $60/mt (price range: $56-68/mt), with quotations based on cargoes arriving from August to early September.

During the week, the SHFE/LME price ratio remained in loss-making territory, the LME nearby backwardation structure was steep, and the market entered a stage where downstream buying interest was sluggish and upstream sellers were unwilling to dump cargoes at low prices. Divergence between buyers and sellers gradually widened, with thin trading and a wider price range. Today, mainstream quotations for August registered warrants were heard at around $100/mt, and mainstream quotations for EQ copper were heard at around $65/mt.