SHANGHAI, Aug. 4 (SMM) –The Ministry of Commerce (MOC) released reports today showing domestic #1 copper prices were down 0.3% in the week ending July 31st on a weekly basis. However, the MOC said #1 copper prices will stop falling and stabilize.
Based on SMM statistics, spot #1 copper prices averaged at RMB 71,812/mt last week.
According to the MOC reports, slight declines in last week's copper prices were due largely to impacts from the seasonal low demand period and significant increases in copper inventories. Based on statistics by the Shanghai Future Exchange (SHFE) on July 29th, copper inventories reached 117,067 mt last week, an increase for three consecutive weeks, and up 30.8% compared with the first half of July.