Copper Prices Rebounded at Week's End, Copper Scrap Traders' Shipment Sentiment Recovered [SMM Secondary Copper Daily Review]

SMM July 3

      At 11:30 today, the futures closing price was 103,070 yuan/mt, up 890 yuan/mt from the previous trading day. The average spot premium was 60 yuan/mt, up 10 yuan/mt from the previous trading day. Today, copper scrap prices rose 100 yuan/mt MoM. The sales sentiment index for copper scrap rose to 2.41, and the procurement sentiment index dropped to 2.40. The price difference between copper cathode and copper scrap was 1,957 yuan/mt, up 788 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 520 yuan/mt. According to SMM survey, copper prices rebounded by the end of the week, and the price difference between copper cathode and copper scrap widened again to 1,900 yuan/mt. Holders of copper scrap showed a strong willingness to sell, while secondary copper rod enterprises exhibited weak restocking sentiment. This week, due to continuous premiums of secondary copper rod against copper futures, transactions were minimal. The increase in finished product inventories dampened secondary copper rod enterprises' willingness to restock raw materials.