[SMM data] the price difference between the fine waste price of bright copper wire on July 17, 2020

Spot copper cathode in North China was quoted at a discount of 130-50 yuan/mt against the front-month contract today, with an average discount of 90 yuan/mt, unchanged from the previous trading day. The average transaction price was 109,165 yuan/mt, down 3,155 yuan/mt from the previous trading day.

[SMM Copper Cathode Rod Flash] According to SMM, during the night session on September 10, copper prices pulled back notably from the previous trading day. As the absolute price center moved lower, previously suppressed rigid demand was released in a concentrated manner. Downstream enterprises actively placed price orders starting from the night session, and copper cathode rod enterprises reported a significant surge in new orders. However, to guard against performance risks arising from clients failing to pick up goods in a timely manner, enterprises set differentiated maximum price order volume caps for different clients.

On the night of September 10, SHFE copper prices dropped noticeably from the previous trading day, erasing all gains recorded during the week. The SHFE copper futures contract 2609 generally traded within the range of 109,000 yuan/ton to 109,700 yuan/ton. As the center of gravity of copper prices moved lower, downstream enthusiasm for pricing on a per-unit basis increased significantly. According to SMM, some processing enterprises saw large-scale concentrated pricing during the night session, and the overall pricing volume expanded markedly compared with the previous trading day. Driven by the concentrated pricing, downstream raw material procurement demand was released simultaneously, and inquiries and transactions in the Shanghai electrolytic copper Spot Market during the day improved significantly from the previous trading day.