SHAGNHAI, Jul. 27 (SMM) –The Ministry of Commerce (MOC) announced on July 26th the price movements for specially monitored production materials for last week (from July 18th to July 24th). In particular, #1 copper prices rose by 0.7% from the previous week (from July 11th to July 17th).
Compared to early July, weekly gains for #1 copper have narrowed. According to MOC statistics, #1 copper prices in the week ending July 8th were up 3.1% weekly, and up 0.9% in the week ending July 15th.
Based on SMM statistics, #1 copper prices averaged at RMB 71,835/mt in the week ending July 22nd. The returning high copper prices have damped downstream processing enterprises’ buying interest, and oversupply has begun to appear in the market.