Downstream Raw Material Inventory Ample, Intraday Trading Sluggish [SMM Secondary Copper Daily Review]

Published: Aug 11, 2026 16:47

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SMM August 11

At 11:30 today, the futures closing price was 108,620 yuan/mt, up 850 yuan/mt from the previous trading day. The average spot premium was 60 yuan/mt, down 20 yuan/mt MoM from the previous trading day. The price of copper scrap remained flat MoM. The copper scrap sales sentiment index rose to 2.77, while the purchase sentiment index fell to 1.86. The price spread between copper cathode and copper scrap was 5,234 yuan/mt, up 830 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 2,080 yuan/mt. According to the SMM survey, copper prices shot up again, and scrap utilization enterprises have been continuously purchasing copper scrap from the market in the past two weeks, resulting in ample raw material inventory. Given the current high copper prices, their purchase willingness was very weak.

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