Copper Prices Rise Before the Holiday, Suppressing Stockpiling Sentiment at Secondary Copper Rod Enterprises [SMM Secondary Copper Daily Review]

Published: Sep 29, 2026 14:30 (GMT+8)

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SMM September 29

At 11:30 today, futures closing price was 110,190 yuan/mt, up 220 yuan/mt from the previous trading day. Spot premiums averaged 1,050 yuan/mt, down 90 yuan/mt MoM from the previous trading day. Secondary copper raw material prices remained unchanged MoM today. The secondary copper raw material sales sentiment index fell to 2.52, and the purchasing sentiment index fell to 1.99. The price difference between copper cathode and copper scrap was 4,056 yuan/mt, up 130 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,930 yuan/mt. According to SMM survey, copper prices climbed in the afternoon. Secondary copper rod enterprises saw their pre-National Day holiday stockpiling sentiment dampened again, while end-user wire and cable enterprises, facing high copper prices, required secondary copper rod enterprises to deliver during the National Day holiday when placing orders. However, secondary copper rod enterprises preferred to negotiate post-holiday delivery. Secondary copper raw material market saw mediocre intraday trading.

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