SMM October 12
At 11:30 today, futures closing price was 111,740 yuan/mt, up 830 yuan/mt from the previous trading day. Spot premium averaged 160 yuan/mt, down 380 yuan/mt MoM from the previous trading day. Today, secondary copper raw material prices rose 500 yuan/mt MoM. The secondary copper raw material sales sentiment index rose to 2.54, and the procurement sentiment index rose to 2.12. The price difference between copper cathode and copper scrap was 3,854 yuan/mt, down 125 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,215 yuan/mt. According to SMM survey, copper prices retreated after a rapid rise. Secondary copper rod enterprises had low raw material inventories. Given the current high copper prices, secondary copper raw material traders showed strong willingness to sell, and secondary copper rod enterprises reported that intraday procurement was relatively easy. However, due to high prices, secondary copper rod enterprises faced increased capital costs, limiting procurement volumes.
![Post-holiday inventory continues to build up, with YoY levels still at lows [SMM Weekly Data]](https://imgqn.smm.cn/usercenter/KytYP20251217171712.jpg)
