Limited Copper Price Rebound, No Improvement in Copper Scrap Market Transactions [SMM Secondary Copper Daily Review]

SMM October 16

        At 11:30 today, futures closing price was 110,170 yuan/mt, up 560 yuan/mt from the previous trading day. The average spot premium was 825 yuan/mt, up 740 yuan/mt MoM from the previous trading day. Today, secondary copper raw material prices remained unchanged MoM. The secondary copper raw material sales sentiment index fell to 2.53, while the purchasing sentiment index held steady at 2.02. The price difference between copper cathode and copper scrap was 3,524 yuan/mt, up 730 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 950 yuan/mt. According to the SMM survey, copper prices stopped falling and rebounded, but purchasing by secondary copper rod enterprises has not recovered. Secondary copper raw material traders were also reluctant to sell. Many scrap utilization enterprises believe that copper prices are neither rising nor falling at this point, making it an unsuitable time to purchase.