Copper Futures Close at 110,370 Yuan/mt as Market Transactions Lag

The Shanghai Metals Market reported sluggish market transactions on its last trading day before the National Day holiday. The futures closing price for copper was 110,370 yuan/mt, up 180 yuan/mt from the previous trading day.

However, the average spot premium fell to 975 yuan/mt, down 75 yuan/mt MoM from the previous day. Secondary copper raw material prices rose 200 yuan/mt MoM, but the sales sentiment index dropped to 2.5, and the purchasing sentiment index fell to 1.97.

The price difference between copper cathode and copper scrap was 3,931 yuan/mt, down 125 yuan/mt MoM. With both secondary copper rod enterprises and traders largely on holiday, very little market trading took place.