Copper prices keep hitting new highs, downstream wait-and-see sentiment grows [SMM Secondary Copper Daily Review]

SMM September 10

    At 11:30 today, futures closing price was 112,290 yuan/mt, up 1,100 yuan/mt from the previous trading day. The average spot premium was 85 yuan/mt, down 45 yuan/mt MoM from the previous trading day. Today, secondary copper raw material prices rose 300 yuan/mt MoM. The secondary copper raw material sales sentiment index fell to 2.89, and the procurement sentiment index fell to 1.74. The price difference between copper cathode and copper scrap was 5,118 yuan/mt, up 712 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 2,200 yuan/mt. According to SMM survey, as copper prices approached 11,300 yuan, secondary copper rod enterprises, facing continuously rising raw material procurement costs, had to turn cautious. Meanwhile, after secondary copper raw material traders had been shipping over the past two days, their inventories were low, and they were waiting for copper prices to reach 11,500 yuan before selling again, reducing shipments in the short term. Intraday trading activity for secondary copper raw materials noticeably declined.