Copper Prices Continue to Rise, Copper Scrap Suppliers Actively Selling [SMM Secondary Copper Daily Review]

SMM July 21

      At 11:30 today, the futures closing price was 104,930 yuan/mt, up 750 yuan/mt from the previous trading day. The average spot premiums were 470 yuan/mt, up 35 yuan/mt from the previous trading day. Today, the price of copper scrap rose 200 yuan/mt from the previous trading day. The copper scrap sales sentiment index rose to 2.53, while the purchase sentiment index remained flat at 2.29. The price difference between copper cathode and copper scrap was 3,745 yuan/mt, up 527 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,590 yuan/mt. According to an SMM survey, copper prices extended yesterday’s gains, and the cathode-scrap price spread continued to widen. Although copper scrap suppliers were active in selling, secondary copper rod enterprises currently have relatively ample raw material inventories, so their intraday purchase willingness remained flat from yesterday.