Chinese Copper Prices Stabilize Amid Rising Spot Premiums
Copper prices have stopped falling and stabilized in China, according to the SMM Secondary Copper Daily Review on September 16. At 11:30 am that day, the futures closing price was 107,610 yuan/mt, up 290 yuan/mt from the previous trading day.
The average spot premium was 645 yuan/mt, a significant increase of 570 yuan/mt from the previous month. Secondary copper prices also rose 300 yuan/mt compared to the previous month.
The price difference between copper cathode and copper scrap was 2,221 yuan/mt, up 96 yuan/mt from the previous month. This has resulted in high raw material costs for secondary copper rod enterprises, which have maintained their finished rod quotes with premiums.