Downstream Bearish on Copper Prices, Intraday Purchase Willingness Flat [SMM Secondary Copper Daily Review]

SMM July 16

      At 11:30, the futures closing price was 104,450 yuan/mt, down 570 yuan/mt from the previous trading day. The average spot premium was 350 yuan/mt, up 350 yuan/mt DoD. The secondary copper raw material price fell 400 yuan/mt DoD. The secondary copper raw material selling sentiment index dropped to 2.48, and the purchasing sentiment index fell to 2.29. The price difference between copper cathode and copper scrap was 3,923 yuan/mt, up 747 yuan/mt DoD. The price difference between copper cathode rod and secondary copper rod was 950 yuan/mt. According to an SMM survey, copper prices consolidated, suppliers of copper scrap held back from selling, while secondary copper rod enterprises believed there was still downside room for copper prices, leading to moderate purchase willingness. The day saw weak supply-demand in the copper scrap market.