SMM July 23
At 11:30 today, the futures closing price was 106,170 yuan/mt, down 170 yuan/mt from the previous trading day. The average spot premiums were 330 yuan/mt, down 65 yuan/mt from the previous trading day. Today, copper scrap prices fell by 300 yuan/mt from the previous trading day. The copper scrap sales sentiment index rose to 2.66, and the procurement sentiment index rose to 2.29. The price difference between copper cathode and copper scrap was 4,545 yuan/mt, up 101 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,860 yuan/mt. According to the SMM survey, copper scrap suppliers maintained high-price shipments from yesterday, but secondary copper rod enterprises had relatively ample raw materials, coupled with growing fear of high prices, leading to relatively mediocre intraday market trading of copper scrap.
![Copper prices surge sharply, exacerbating the off-season drag, and operating rates and order intake continue to pull back [SMM Enamelled Wire Market Weekly]](https://imgqn.smm.cn/usercenter/CaDcj20251217171711.jpg)
![The large Shanghai-Guangdong price spread led to cross-regional cargo transfers, pushing the spot premium in South China up passively. [SMM South China Copper Cathode Spot Weekly Review]](https://imgqn.smm.cn/usercenter/EOMNB20251217171709.jpg)
![Futures rose significantly, end-use demand was sluggish, and buying was insufficient, causing the Northern China premium to retreat after a rapid rise [SMM Northern China spot copper cathode weekly review]](https://imgqn.smm.cn/usercenter/SiNDH20251217171711.jpg)
