SMM September 17
At 11:30 today, futures closing price was 108,370 yuan/mt, up 760 yuan/mt from the previous trading day. Spot premiums averaged 630 yuan/mt, down 15 yuan/mt MoM from the previous trading day. Today, secondary copper prices rose 300 yuan/mt MoM. The secondary copper sales sentiment index rose to 2.69, and the procurement sentiment index rose to 1.92. The price difference between copper cathode and copper scrap was 2,621 yuan/mt, up MoM. The price difference between copper cathode rod and secondary copper rod was 1,000 yuan/mt. According to the SMM survey, with the US Fed rate hike implemented, market sentiment has fully digested the news. Copper prices bottomed out and rebounded. Secondary copper rod enterprises are currently urgently seeking tax-inclusive secondary copper procurement, but with domestic secondary copper social inventory low and tax-inclusive supply already limited, procurement volumes at secondary copper rod enterprises are extremely limited, resulting in low circulation in the secondary copper rod market.
![Price spread between futures contracts widens, spot premiums surge after delivery, expected to remain high next week [SMM South China copper cathode spot weekly review]](https://imgqn.smm.cn/usercenter/KtfdC20251217171713.jpeg)
