SMM August 7
At 11:30 today, the futures closing price was 108,400 yuan/mt, up 670 yuan/mt from the previous trading day. The average spot premium was 70 yuan/mt, down 10 yuan/mt from the previous trading day. Today, copper scrap prices remained unchanged from the previous trading day. The copper scrap sales sentiment index rose to 2.76, and the purchase sentiment index fell to 2.01. The price difference between copper cathode and copper scrap was 4,685 yuan/mt, up 660 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,970 yuan/mt. According to the SMM survey, copper prices continued to hit recent highs. As copper scrap suppliers continued to sell recently, their remaining inventory was limited. Therefore, traders need to restock recently, but with high copper prices, traders dare not purchase large volumes hastily.
