SMM July 20
At 11:30 today, the futures closing price was 104,180 yuan/mt, up 330 yuan/mt from the previous trading day. The average spot premium stood at 435 yuan/mt, up 35 yuan/mt MoM. Today, secondary copper raw material prices rose 300 yuan/mt MoM. The secondary copper raw material sales sentiment index rose to 2.47, while the purchase sentiment index fell to 2.29. The price spread between copper cathode and copper scrap was 3,218 yuan/mt, up 29 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,410 yuan/mt. According to the SMM survey, high premiums caused by low inventories kept copper cathode spot prices staying high in the off-season. End-user enterprises showed increasing fear of high prices, and their purchase willingness weakened. This caused new orders for secondary copper rod enterprises to weaken further in the off-season, naturally reducing their demand for raw materials.
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