China Copper Prices Pull Back Amid Abundant Supply

Copper prices pulled back on July 24 in China's market, according to the Shanghai Metals Market (SMM) Secondary Copper Daily Review. 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. Copper scrap prices also fell by 500 yuan/mt from the previous trading day, leading to a drop in the copper scrap sales sentiment index to 2.6 and the purchasing sentiment index 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. Secondary copper rod enterprises expect copper prices to continue pulling back, as their raw material inventory is ample.