Copper Prices Spike Amid Domestic Smelter Production Cut News

[SMM Analysis: Copper Prices Surge Rapidly as Suppliers Sell at High Levels]

Affected by the news of domestic smelters' production cut plans, copper prices surged rapidly over the weekend from 77,900 yuan/mt to 79,900 yuan/mt, before pulling back to 79,200 yuan/mt. The weekly increase reached 1,300 yuan/mt, while bare bright copper also saw a rise of nearly 1,200 yuan/mt. Suppliers of secondary copper raw material chose to sell at high levels. However, a manager from a secondary copper raw material yard revealed that the current recycling volume of secondary copper raw material remains low, and the recycling volume of scrap from old dismantling enterprises has not shown significant growth...