SMM September 23
At 11:30 today, the futures closing price was 110,930 yuan/mt, down 640 yuan/mt from the previous trading day. The average spot premium was 1,340 yuan/mt, down 35 yuan/mt MoM from the previous trading day. Today, secondary copper raw material prices fell 200 yuan/mt MoM. The secondary copper raw material sales sentiment index remained flat at 2.67, while the purchasing sentiment index dropped to 1.92. The price difference between copper cathode and copper scrap was 4,626 yuan/mt, up 555 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 2,210 yuan/mt. According to the SMM survey, copper prices retreated from highs, and secondary copper rod enterprises were still in no rush to purchase. They are expected to only begin stockpiling for the long holiday after prices fall below 110,000. However, secondary copper raw material traders generally complained that secondary copper raw material prices have recently followed declines but not gains, leaving them unable to sell some high-priced inventory. The pre-holiday market trading atmosphere remained subdued.
