SMM September 3
At 11:30 today, the futures closing price was 109,170 yuan/mt, up 730 yuan/mt from the previous trading day. The average spot premium was 265 yuan/mt, down 110 yuan/mt MoM from the previous trading day. Today, secondary copper raw material prices rose 400 yuan/mt MoM. The secondary copper raw material sales sentiment index rose to 2.85, and the purchasing sentiment index rose to 1.83. The price difference between copper cathode and copper scrap was 3,435 yuan/mt, up 106 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,610 yuan/mt. According to the SMM survey, copper prices have temporarily stabilized. With copper rod enterprises bullish on copper prices, they actively purchased secondary copper raw materials during the day. Meanwhile, secondary copper raw material suppliers held a considerable amount of low-priced inventory. Scrap utilization enterprises were able to pay within 3-5 days, and secondary copper raw material traders prioritized scrap utilization enterprises with fast payment terms.
