Copper Prices Rebounded from Lows, Copper Scrap Traders Sold at Highs [SMM Secondary Copper Daily Review]

SMM Aug 21

    The futures closing price at 11:30 today was 107,570 yuan/mt, up 200 yuan/mt from the previous trading day; the average spot premium was 275 yuan/mt, down 75 yuan/mt DoD from the previous trading day; the price of copper scrap rose 300 yuan/mt DoD today; the copper scrap sales sentiment index rose to 2.77, while the procurement sentiment index remained flat at 1.88; the price difference between copper cathode and copper scrap was 4,173 yuan/mt, down 214 yuan/mt DoD; and the price difference between copper cathode rod and secondary copper rod was 1,220 yuan/mt. According to an SMM survey, copper prices rebounded, and copper scrap suppliers sold at higher prices; the procurement sentiment of secondary copper rod enterprises remained unchanged from yesterday, while the circulation volume of copper scrap in the market increased compared with yesterday.