SMM September 28
At 11:30 today, the futures closing price was 109,970 yuan/mt, down 770 yuan/mt from the previous trading day. The average spot premium was 1,140 yuan/mt, down 175 yuan/mt MoM from the previous trading day. Today, secondary copper raw material prices fell 300 yuan/mt MoM. The secondary copper raw material sales sentiment index dropped to 2.57, while the purchasing sentiment index rose to 2.03. The price difference between copper cathode and copper scrap was 3,926 yuan/mt, down 600 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,850 yuan/mt. According to the SMM survey, with the Mid-Autumn Festival holiday just over and the National Day long holiday approaching, many secondary copper rod enterprises are still seeking secondary copper raw material supply. However, many secondary copper raw material traders received limited arrivals during the Mid-Autumn Festival, and the inventory available for sale before National Day is limited. Secondary copper rod enterprises have insufficient raw material stockpiling and have temporarily arranged a 3-day holiday for workers. If raw material purchases remain insufficient over the remaining two trading days, secondary copper rod enterprises will extend the workers' holiday.
