SMM July 30
At 11:30 today, the futures closing price was 105,040 yuan/mt, up 100 yuan/mt from the previous trading day. The spot premium averaged 265 yuan/mt, down 15 yuan/mt from the previous trading day. Today, the secondary copper raw material price remained flat from the previous trading day. The secondary copper sales sentiment index rose to 2.43, and the purchase sentiment index rose to 2.05. The price spread between copper cathode and copper scrap stood at 4,132 yuan/mt, up 85 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,120 yuan/mt. According to SMM survey, copper prices retreated after a rapid rise. Trading sentiment for copper scrap upstream and downstream was mediocre. During the day, tax-excluded copper scrap suppliers sought to sell at high prices, but downstream purchase willingness was very weak, leaving overall transactions mediocre.
