Copper Price Surge Hints at Restocking Caution Among Scrap Traders
Copper prices have surged to recent highs, making copper scrap traders hesitant to restock. According to the SMM survey, copper prices continued to hit new records on August 7. As a result, copper scrap suppliers are facing limited remaining inventory due to their ongoing sales.
With high copper prices, traders dare not purchase large volumes hastily. The price difference between copper cathode and copper scrap was 4,685 yuan/mt, up 660 yuan/mt from the previous trading day. This significant gap has put pressure on traders to rethink their strategies.
The average spot premium was 70 yuan/mt, down 10 yuan/mt from the previous trading day. Copper scrap prices remained unchanged from the previous trading day. The copper scrap sales sentiment index rose to 2.76, while the purchase sentiment index fell to 2.01.