According to SMM data, from October 21 to October 25, the weekly average price of 1# copper cathode was 76,752 yuan/mt, down 0.17% WoW; the weekly average price of bare bright copper in east China was 71,420 yuan/mt, down 0.14% WoW; the weekly average price of baled copper cable scrap (Cu＞99.5%) was 71,620 yuan/mt, down 0.14% WoW.
According to SMM data, copper prices fluctuated downward last week. Traders in Linyi Metal City reported that the difficulty of purchasing secondary copper was significantly higher than two weeks ago. However, due to strong demand, they were still actively acquiring sources, resulting in a limited decline in secondary copper procurement. From the consumption side, SMM understands that secondary copper rod plants that had previously halted production have resumed operations, and their tax subsidy policies are still in effect, leading to strong demand for secondary copper. Some secondary copper plants in Jiangxi indicated that due to substantial subsidies in Sichuan, local buyers were offering high prices, making it difficult for Jiangxi secondary copper rod makers to accept. Overall, due to the profit margin, secondary copper shipments were good last week, and the throughput of secondary copper in Linyi Metal City is expected to remain high.
Looking ahead to this week, the current trend of copper prices is downward, causing concern among secondary copper traders in Linyi Metal City. If copper prices continue to fall, the difficulty of procurement is expected to increase. Traders in Linyi Metal City stated that the current prices of secondary copper are relatively firm, and the willingness to accept high prices is moderate. However, if copper prices continue to decline, secondary copper rod plants will bargain down purchasing prices, reducing the profit margins for secondary copper traders. Overall, due to the supply-demand imbalance, the demand for secondary copper is expected to remain strong. If copper prices do not continue to fall, the throughput of secondary copper in Linyi Metal City is expected to remain high.
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