Copper Prices Hit New High; Scrap Utilization Enterprises Hold Off on Raw Material Purchases [SMM Secondary Copper Daily Review]

Published: Sep 8, 2026 13:09

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SMM September 8

At 11:30 today, futures closing price was 111,170 yuan/mt, up 1,540 yuan/mt from the previous trading day. Spot premiums averaged 165 yuan/mt, down 60 yuan/mt MoM from the previous trading day. Today, copper scrap prices rose 300 yuan/mt MoM. The copper scrap sales sentiment index rose to 2.89, while the purchasing sentiment index fell to 1.73. The price difference between copper cathode and copper scrap was 4,649 yuan/mt, up 1,072 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 2,120 yuan/mt. According to an SMM survey, SHFE copper was affected by short squeezes outside China and quickly broke through 110,000 yuan, with the highest price touching 111,340 yuan. Secondary copper rod sales were strong, and many secondary copper rod enterprises indicated that future orders would need to be scheduled for production. As for raw material prices, after the transfer of invoice costs, the increase in domestic tax-exclusive copper scrap prices was limited. Due to high prices of tax-inclusive raw materials, scrap utilization enterprises were in no rush to purchase at this time.

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