According to SMM, from September 18 to September 20, the weekly average price of #1 copper cathode was 75,013 yuan/mt, up 2.64% WoW; the weekly average price of bare bright copper in East China Non-Ferrous Metal City was 69,266 yuan/mt, up 2.25% WoW; the weekly average price of baled copper cable scrap was 69,466 yuan/mt, up 2.25% WoW.
SMM reports that although copper prices rose last week, secondary copper traders in Linyi Metal City indicated that the supply of secondary copper did not significantly increase. This is mainly because secondary copper holders expect further price increases, leading to a reluctance to sell and slow release of inventory. Demand side, due to the delayed implementation of Document No.783, many secondary copper rod plants have resumed production or are preparing to resume operations, significantly boosting demand for secondary copper. Traders in Linyi Metal City noted that due to limited supply increases and higher demand, most traders have low inventory levels. Overall, with rising copper prices and the resumption of secondary copper rod plants, the throughput of secondary copper in Linyi Metal City is expected to show an upward trend.
This week, domestic announcements of RRR cuts, interest rate cuts, and reductions in existing mortgage rates have spurred bullish market sentiment, causing copper prices to surge. As of the time of writing, the most-traded SHFE copper contract reached a high of 78,130 yuan/mt, benefiting the secondary copper market.
Looking ahead to this week, copper prices are expected to remain in an upward fluctuation due to optimistic market sentiment. Meanwhile, secondary copper holders have low expectations for continued price increases. Traders in Linyi Metal City predict that secondary copper procurement this week may exceed last week's levels. Additionally, the resumption of secondary copper rod plants continues, with high demand for raw material reserves, leading to stronger consumption of secondary copper. In summary, the activity in the secondary copper market in Linyi Metal City is expected to remain higher than last week.
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