SMM September 22
Today at 11:30, the futures closing price was 111,570 yuan/mt, up 1,610 yuan/mt from the previous trading day. The average spot premium was 1,375 yuan/mt, up 550 yuan/mt MoM from the previous trading day. Today, secondary copper prices rose 200 yuan/mt MoM. The secondary copper sales sentiment index fell to 2.67, and the purchase sentiment index fell to 1.97. The price difference between copper cathode and copper scrap was 4,071 yuan/mt, up 930 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 2,590 yuan/mt. According to the SMM survey, secondary copper prices showed an unusual pattern of following declines but not increases. After copper prices broke through 110,000 yuan, secondary copper rod enterprises almost lost their purchase willingness. Even as copper prices continued to rise, their raw material quotes remained unchanged, mainly because enterprises could not bear such high secondary copper prices. As a result, there was almost no trading in the secondary copper market during the day.
