Peak season arrival and rising copper prices stimulate stockpiling sentiment among scrap utilization enterprises [SMM Secondary Copper Daily Review]

Published: Sep 1, 2026 15:12

Save

SMM September 1

At 11:30 today, the futures closing price was 109,880 yuan/mt, up 730 yuan/mt from the previous trading day. The average spot premium was 495 yuan/mt, down 115 yuan/mt MoM from the previous trading day. Today, secondary copper prices rose 600 yuan/mt MoM. The secondary copper sales sentiment index rose to 2.92, and the purchasing sentiment index rose to 1.73. The price difference between copper cathode and copper scrap was 4,204 yuan/mt, down 1,206 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 2,100 yuan/mt. According to the SMM survey, copper prices quickly pulled back after breaking through 110,000 yuan/mt. With the traditional peak season arriving in September, many secondary copper rod enterprises saw increased demand for raw material stockpiling. Meanwhile, after copper prices rose, many secondary copper traders sold off their copper scrap holdings. With sentiment warming among both sellers and buyers, secondary copper transactions were relatively active during the day.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

【Flash | A Perfect Storm of Supply Risks Keeps Molybdenum Oxide Near Recent Highs】

SMM learned that overseas mine production cuts, extreme weather in South America, and declining ore grades and recovery rates were intensively discussed during a recent industry association meeting. These concerns strengthened expectations of tighter overseas molybdenum supply, stimulated some buying and pushed molybdenum oxide prices to around $34/lb Mo. Supply-side expectations continue to support prices, while some mine production, grade and recovery issues may not improve materially until around 2028. China’s market also remains firm, but elevated prices are discouraging chasing. Well-funded buyers, low-inventory users and producers with firm orders continue to purchase as needed, while processors mainly restock to maintain production.

1 hour ago

3 hours ago

China's copper import arbitrage recovers as spot copper premium rises rapidly

Recently, LME copper inventories increased, the futures-spot structure shifted, and China's import arbitrage continued to climb. Today, downstream demand for imported copper in the Shanghai region clearly recovered, while supply was relatively tight. In the morning session, cargoes at Lingang were almost swept clean, and the spot copper premium rose rapidly.

3 hours ago

LME copper inventories continue to increase

The recent COMEX-LME copper price spread has narrowed, with the COMEX copper 2610 and LME 3M contract spread inverting, indicating a decline in the US pull effect on copper. On September 14, LME copper inventories stood at 249,225 mt, up 6,325 mt from the previous day. With the continued increase in LME copper inventories recently, the LME nearby contracts have shifted to a Contango structure and widened.

3 hours ago