Copper Prices Consolidate, Copper Scrap Market Trading Sluggish [SMM Secondary Copper Daily Review]

SMM July 7th

      At 11:30 AM today, the futures closing price was 102,980 yuan/mt, down 130 yuan/mt from the previous trading day. The average spot premium was 110 yuan/mt, up 30 yuan/mt from the previous trading day. Today, secondary copper raw material prices remained flat compared to the previous trading day. The secondary copper raw material sales sentiment index fell to 2.3, and the purchasing sentiment index fell to 2.38. The price difference between copper cathode and copper scrap was 1,693 yuan/mt, down 100 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 630 yuan/mt. According to the SMM survey, copper prices consolidated. During the day, both the purchasing and sales sentiment indices for the secondary copper raw material market declined. As the consumption off-season set in, high secondary copper raw material prices made many secondary copper rod enterprises unwilling to purchase. The price difference between copper cathode rod and secondary copper rod was hard to widen due to high raw material prices, and end-use consumption remained sluggish.