Copper Prices Shot Up Late in the Week, Downstream Wait-and-see Sentiment Intensified [SMM Secondary Copper Daily Review]

Published: Jul 31, 2026 15:05

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SMM July 31

Today at 11:30, the futures closing price was 105,660 yuan/mt, up 620 yuan/mt from the previous trading day, and the average spot premium was 260 yuan/mt, down 5 yuan/mt MoM from the previous trading day. Today, copper scrap prices rose 200 yuan/mt MoM. The sales sentiment index for copper scrap rose to 2.48, and the procurement sentiment index fell to 1.98. The price spread between copper cathode and copper scrap was 4,523 yuan/mt, up 391 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,440 yuan/mt. According to the SMM survey, copper prices moved higher at the end of the week. Copper scrap suppliers sold into strength, but constrained by the Jiangsu region, the policy ceased to be implemented. Secondary copper rod enterprises suspended production to observe the situation, causing market demand for tax-exclusive copper scrap to decline further, while tax-inclusive supply continued to remain tight. In certain regions, for copper scrap with 13% VAT, the invoice tax rate has risen to 11-12%.

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