Insufficient Invoices Hinder Scrap Utilization Enterprises' Procurement, Pre-Holiday Stockpiling Volumes Severely Inadequate [SMM Secondary Copper Daily Review]

SMM September 24

        At 11:30 today, futures closing price was 110,740 yuan/mt, down 190 yuan/mt from the previous trading day. Spot premiums averaged 1,315 yuan/mt, down 25 yuan/mt MoM from the previous trading day. Today, secondary copper prices fell 100 yuan/mt MoM. The secondary copper sales sentiment index dropped to 2.61, while the procurement sentiment index rose to 1.97. The price difference between copper cathode and copper scrap was 4,526 yuan/mt, down 100 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 2,140 yuan/mt. According to an SMM survey, with the Mid-Autumn Festival holiday approaching, many secondary copper rod enterprises wanted to procure as much copper scrap as possible to stockpile raw materials. However, due to invoice issues that copper scrap suppliers could not resolve, scrap utilization enterprises had extremely limited procurement volumes. Many secondary copper rod enterprises' pre-holiday raw material inventories could not even meet production needs during the Mid-Autumn Festival.