SMM October 13
At 11:30 today, the futures closing price was 111,500 yuan/mt, down 240 yuan/mt from the previous trading day. The average spot premium was 20 yuan/mt, down 140 yuan/mt MoM from the previous trading day. Today, secondary copper raw material prices remained flat MoM. The secondary copper raw material sales sentiment index rose to 2.58, and the purchasing sentiment index rose to 2.06. The price difference between copper cathode and copper scrap was 3,474 yuan/mt, down 380 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 820 yuan/mt. According to SMM survey, the price spread between copper futures contracts widened. Many secondary copper rod enterprises saw a significant decline in spot purchasing demand and preferred to have secondary copper raw material traders hold inventory on consignment, with pricing and settlement to be determined after contract rollover. However, secondary copper raw material traders were unwilling to consign all inventory. Most transactions were settled in cash on a spot basis, with only a small portion consigned. As a result, there were divergences in secondary copper raw material market transactions. Overall, transaction volumes were low.
