SMM July 28 At 11:30 today, the futures closing price was 104,990 yuan/mt, down 240 yuan/mt from the previous trading day. The average spot premium was 275 yuan/mt, down 5 yuan/mt DoD. Today, copper scrap prices remained flat DoD. The copper scrap sales sentiment index fell to 2.52, and the purchase sentiment index fell to 2.15. The price difference between copper cathode and copper scrap was 3,873 yuan/mt, down 240 yuan/mt DoD. The price difference between copper cathode rod and secondary copper rod was 1,080 yuan/mt. According to the SMM survey, copper prices saw a slight correction. As premiums remained high, copper scrap traders faced increasing difficulty selling, and many secondary copper rod enterprises were unwilling to purchase when premiums were high. Copper scrap market trading was mediocre during the day.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,746/mt, consolidated at highs in early trading, rose to $13,781.5/mt before its center moved lower, then dipped to a low of $13,704/mt, and finally moved sideways to close at $13,759.5/mt, up 1.09%. Trading volume reached 16,000 lots, open interest at 244,000 lots, down 1,039 lots from the previous trading day, reflecting bearish position reduction. Overnight, the most-traded SHFE copper 2609 contract opened at 105,500 yuan/mt, rose to a high of 105,640 yuan/mt in early trading, before its center shifted lower to touch a low of 105,060 yuan/mt. Its center then moved sideways, eventually closing at 105,280 yuan/mt, down 0.31%. Trading volume was 34,000 lots, open interest at 206,000 lots, down 26.83 million lots from the previous trading day, also reflecting bearish position reduction.

SMM July 27 The futures closing price at 11:30 today was 105,230 yuan/mt, up 340 yuan/mt from the previous trading day. The average spot premium was 280 yuan/mt, down 45 yuan/mt from the previous trading day. Today, copper scrap prices remained unchanged from the previous trading day. The copper scrap sales sentiment index was unchanged at 2.6, while the purchasing sentiment index rose to 2.21. The price spread between copper cathode and scrap was 4,113 yuan/mt, up 295 yuan/mt from the previous trading day. The price spread between copper cathode rod and secondary copper rod was 1,230 yuan/mt. According to the SMM survey, copper prices consolidated at highs. Suppliers of copper scrap, having actively shipped earlier and with low inventories, saw their selling sentiment fail to continue the trend of the previous week. Meanwhile, with ample inventories, downstream scrap utilization enterprises mainly adopted a wait-and-see approach in the short term, planning to reconsider purchasing once copper prices pull back.

SMM July 24 At 11:30 today, the futures closing price was 104,890 yuan/mt, down 1,280 yuan/mt from the previous trading day. The average spot premium was 325 yuan/mt, down 5 yuan/mt from the previous trading day. Today, copper scrap prices fell by 500 yuan/mt from the previous trading day. The copper scrap sales sentiment index dropped to 2.6, and the purchasing sentiment index dropped to 2.2. The price difference between copper cathode and copper scrap was 3,818 yuan/mt, down 27 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,130 yuan/mt. According to the SMM survey, copper prices pulled back. Many copper scrap traders delivered short positions they had taken earlier. Meanwhile, secondary copper rod enterprises expected copper prices still had room to pull back. Additionally, as copper scrap traders delivered short positions, the raw material inventory of secondary copper rod enterprises, including in-transit stocks, was ample. Therefore, spot transactions were mediocre during the day.

SMM Morning Brief: Overnight, LME copper opened at $13,740/mt, touched a high of $13,764/mt in early trading, then its price center consolidated lower toward the close, dipping to $13,560/mt, and finally settled at $13,566/mt, down 1.74%. Trading volume reached 20,000 lots, and open interest stood at 247,000 lots, up 1,022 lots from the previous trading day, reflecting an increase in bearish positions. Overnight, the most-traded SHFE copper 2609 contract opened at 105,100 yuan/mt, initially moved up to 105,290 yuan/mt, then its price center shifted straight down to hit a low of 104,310 yuan/mt, and afterwards moved sideways to eventually settle at 104,530 yuan/mt, down 1.4%. Trading volume totaled 67,600 lots, and open interest reached 212,000 lots, down 12,500 lots from the previous trading day, reflecting a reduction in bullish positions.

SMM July 23 At 11:30 today, the futures closing price was 106,170 yuan/mt, down 170 yuan/mt from the previous trading day. The average spot premiums were 330 yuan/mt, down 65 yuan/mt from the previous trading day. Today, copper scrap prices fell by 300 yuan/mt from the previous trading day. The copper scrap sales sentiment index rose to 2.66, and the procurement sentiment index rose to 2.29. The price difference between copper cathode and copper scrap was 4,545 yuan/mt, up 101 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,860 yuan/mt. According to the SMM survey, copper scrap suppliers maintained high-price shipments from yesterday, but secondary copper rod enterprises had relatively ample raw materials, coupled with growing fear of high prices, leading to relatively mediocre intraday market trading of copper scrap.