SMM September 11
At 11:30 today, futures closing price was 109,260 yuan/mt, down 3,030 yuan/mt from the previous trading day. Spot premiums averaged 65 yuan/mt, down 20 yuan/mt MoM from the previous trading day. Secondary copper raw material prices fell 1,000 yuan/mt MoM today. The secondary copper raw material sales sentiment index dropped to 2.79, while the purchasing sentiment index remained flat at 1.74. The price difference between copper cathode and copper scrap was 3,211 yuan/mt, down 1,907 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,310 yuan/mt. According to SMM survey, affected by the undecided US copper tariffs, copper prices in China and overseas pulled back sharply. Secondary copper raw material prices also fell considerably. Suppliers of secondary copper raw materials, already holding low inventory and shipping little, further reduced their willingness to sell amid the price decline. Downstream scrap utilization enterprises remained cautious during the sharp rise and fall in copper prices, resulting in weak transactions for secondary copper raw materials during the day.
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