SMM July 29
At 11:30 today, the futures closing price was 104,940 yuan/mt, down 50 yuan/mt from the previous trading day. The average spot premiums stood at 280 yuan/mt, up 5 yuan/mt from the previous trading day. The copper scrap price dropped 200 yuan/mt from the previous trading day. The sales sentiment index for copper scrap fell to 2.42, and the procurement sentiment index decreased to 2.03. The price difference between copper cathode and copper scrap was 4,047 yuan/mt, up 174 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,040 yuan/mt. According to the SMM survey, copper prices weakened. Many secondary copper rod enterprises, with ample early procurement volumes, experienced a gradual slowdown in downstream cargo pick-up. Given their sufficient raw material inventories, their demand for copper scrap was low. Copper scrap traders noted that market circulation did not decline notably. However, as demand decreased, suppliers had to edge down prices to facilitate shipments.
